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Limited exception prepayment privilege mortgages permit specified annual one time payments go straight away to principal without penalties, providing incentives to keep the course over original amortization schedules.
Second mortgages are subordinate, have higher rates and shorter amortization periods.
Short term private mortgages fill niche opportunities outside regulated
space when unwilling overextend risk profiles recognize speculative plays accept faster
execution higher returns balanced term length risk mitigates often funding land acquisition or
high interest bridge inventory. Hybrid mortgages give
you a fixed rate to get a set period before converting with a variable rate for that remainder in the term.
Stated Income Mortgages appeal to borrowers unable or unwilling
to completely document their incomes. Canadians can deduct mortgage interest costs on principal residences
from their income for tax purposes. Mortgage default insurance protects lenders from losses while allowing high
ratio mortgages with less than 20% down. Mortgage interest expense is normally not tax deductible for primary residences
in Canada. Careful financial planning improves mortgage qualification chances and reduces overall interest
costs. Mortgage brokers access wholesale lender rates not offered straight to secure
reductions in price for borrowers. Higher monthly premiums by doubling up,
annual lump sums or increasing amounts will repay mortgages faster.
Mortgage rates are heavily influenced with the Bank of Canada overnight rate and 5-year government bond yields.
Mortgage loan insurance protects lenders against
default risk on high ratio mortgages. Mortgage portability allows transferring a preexisting mortgage to a new property in some cases.
Mortgage insurance from CMHC or a private company is needed for high-ratio
mortgages to shield the lender against default.
Mortgage brokers can negotiate lower lender commissions allowing them to
offer discounted rates to clients. The debt service ratio found in mortgage qualification compares principal, interest, taxes and heating
to income. Newcomer Mortgages help new Canadians secure financing to ascertain roots after arriving from abroad.
First mortgage priority status is established upon initial registration, giving legal precedence over subsequent subordinate loans or creditors, thus protecting primary ownership rights through ensured clear
title transfers. More frequent home loan repayments reduce amortization periods and total interest costs.
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