Yes, changes can usually be made — like switching up your term or payment frequency — even after the application is submitted. While it’s best to sort out the key details early, life happens, and adjustments can be made. Let's discuss any changes you're considering to evaluate the pros and cons before moving forward.
In most cases, GST doesn’t apply to resale homes. The only exception might be if the house has been extensively renovated — in that case, it could be treated more like a new build, and GST might come into play. If you're unsure, we can take a closer look together.
If your mortgage payments are set to start at the beginning of the month, but your home closes mid-month, there's a gap in time where interest builds up. The Interest Adjustment Date covers that gap. It’s a one-time interest payment collected on closing to keep everything aligned with your payment schedule.
The minimum downpayment is usually 5% of the purchase price, but it depends on the home and your situation. If you're putting down less than 20%, mortgage default insurance is required. We can walk through the numbers based on your budget and the type of home you're looking for.
Mortgage default insurance (often called high-ratio insurance) protects the lender if you stop making payments. It’s mandatory if your downpayment is under 20%, and the cost is built into your mortgage.
Mortgage life insurance, on the other hand, is optional. It helps cover the remaining balance of your mortgage if you pass away — offering your family some peace of mind during a difficult time.
Your lender can collect property taxes along with your monthly mortgage payment and pay the town or city on your behalf. This helps avoid any missed payments. They may adjust your monthly amount from time to time to stay in line with your tax bill.
Note: Tax rules and housing regulations can vary, and updates happen often. If you’re ever unsure, I’m happy to help — or we can double-check with your lawyer or accountant.
Whether you are first-time buyer or an experienced buyer with excellent credit, The Mortgage Centre has access to the very best products and rates available across Canada. Give us a call… we think you’ll be pleasantly surprised!
Learn MoreThrough training and certification, we have a good understanding of available products, features, and rates. We are here to keep your mortgage moving forward with our Mortgage Market technology, we have electronic access to various major lenders in Canada, so you’re not tied to one lender or one type of mortgage.
Learn MoreWe understand that mortgages can be confusing and intimidating. To help demystify the process, The Mortgage Centre provides a glossary and a variety of free calculators to assist you in researching, and planning your mortgage.
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