frequently asked questions about mortgages

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F. A. Q’s

Frequently Asked Questions

Find answers to your frequently asked questions about residential mortgages in Canada.

This depends on various factors such as income, expenses, and credit score, based on which the eligibility is taken into account.

What is refinancing a mortgage?

Mortgage refinancing involves replacing your current home loan with a new one, typically to secure better terms such as a lower interest rate or shorter loan duration. It can also involve accessing the equity in your home for other financial needs.

What is a high-ratio mortgage?

A high-ratio mortgage is a type of mortgage where the down payment is less than 20% of the property’s purchase price. This type of mortgage typically requires mortgage default insurance to protect the lender in case of borrower default.

How to get pre-approved for a mortgage?

Getting pre-approved for a mortgage involves providing your financial details for assessment by lenders, who then determine the maximum mortgage you qualify for. This process streamlines your homebuying experience, giving you a clear understanding of your purchasing power and enhancing your credibility with sellers.

What is a reverse mortgage?

With a reverse mortgage, seniors can turn their home equity into cash and receive loan payments, which are typically returned when the person sells their house or passes away.

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