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.

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