Can I make changes to my mortgage application after I've submitted it, such as adjusting the term length or payment frequency?
Yes! While your ideal mortgage setup is typically determined early on, if you'd like to explore changes, we can review the potential benefits and any impacts together before making adjustments.
Is GST charged on a resale home?
Generally, GST doesn't apply to resale homes—unless the property has undergone significant renovations, in which case GST is treated like it would be for a new home.*
What is an Interest Adjustment Date (IAD)?
If your closing date falls mid-month, but your mortgage payments are scheduled for the beginning of the month, your first payment might be delayed. To cover the interest accrued during this gap, an Interest Adjustment Date is set, and the amount is collected at closing.
How much downpayment will I need?
Downpayments typically range from 5% to 20% of the home's purchase price, depending on various factors.
What's the difference between High Ratio Mortgage Insurance and Mortgage Life Insurance?
High Ratio Mortgage Insurance protects the lender if you default on your mortgage and is usually required when your downpayment is less than 20%. You'll pay a premium for this insurance. Mortgage Life Insurance, on the other hand, safeguards your loved ones by paying off the mortgage in the event of your death.
How are property tax payments handled if the lender pays them?
Your estimated property taxes can be included in your monthly mortgage payment, and the lender will pay the taxes on your behalf. Depending on your tax account balance, your monthly payments might be adjusted to ensure taxes are paid on time.*
*Please note: This tax information is general and may vary. For full details, consult the relevant legislation or speak with your advisor.
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!
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