Mortgage - Home and Commercial Financing
A mortgage is a loan that is primarily used to buy a home or commercial property. Lenders will loan you a large sum of money, and use your home or commercial property as collateral, or security, for the loan. When you sign for a mortgage, you’re signing a legal contract that says if you fail to repay what you borrowed, the property used to secure the loan will be taken by the lender. The amount of the loan is referred to as the principal, and you are expected to repay the principal with interest during the repayment period.
Manulife One Mortgage Benefits Video
There are many things to be considered before getting mortgage. Some points are mentioned briefly to think about those.
How much you need for a down payment?
The minimum amount you will need for a down payment toward the price of a home and mortgage loan insurance.
Getting pre-approved and qualifying for a mortgage
Where to get a mortgage, the pre-approval process, what lenders consider and more?
Choosing a mortgage that is right for you
Fixed and variable interest rates, mortgage terms, amortization periods and payment frequency.
Paying off your mortgage faster
Making lump-sum payments, increasing regular payments and keeping your payments the same when you renew?
Prepayment penalties
Prepayment privileges, when prepayment penalties apply and how they are calculated.
Renewing your mortgage
The steps to renew your mortgage
Breaking your mortgage contract
Switching your mortgage to another lender, including the costs and benefits of breaking your contract
Borrowing against home equity
Refinancing your home, home equity lines of credit and second mortgages
Getting a home equity line of credit
Understanding home equity lines of credit, choosing and using a home equity line of credit.
Reverse mortgages
The pros and cons of reverse mortgages, how to qualify and other tips to keep in mind