Mortgage Loan
Mortgage Loan




Mortgage Loan

Choosing a mortgage loan means to decide which one is right for you.
Be that as it may, the real problem is that choosing the right mortgage is much more than having the lowest interest rate.
The most important thing is evaluates our personal situation and our limits to pay for monthly mortgage payments.

What is our current financial situation?
How we expect our finances to changeover in the coming years? How long we want to keep our house?
How comfortable we are with our changing mortgage payment amount?

Once we have a certain answer for each (and more) of these questions, we can decide 'which loan is right for us' or better 'we are qualify for a Canadian loan?'.

You are qualify if:
- You need the loan for primary household purposes.
- You are resident in Canada;
- You have reached 18 or the age of majority in your province of residence;
- You have a determined credit history;
- You can make monthly payments to pay off your loan;
- You must be the owner of the property securing loan.


Before applying for a mortgage loan in Canada you could complete a pre qualification which let the lender determining exactly the maximum amount of financing you can afford.
This means you will have to provide them with most of the documentation necessary for a full mortgage approval but, once approved, you will know the exact amount of the loan, without any risk that complications will arise in the final hour.
The calculation of your maximum mortgage financing is based on your income and expected expenses.
Validates this figure, the lender can easily calculate the maximum amount of financing you will qualify for.

Usually the First Mortgage Loan amount is between $15,000 and $400,000, with a Loan term ranging from 181 months and rates which can be fixed or adjustable.
With a fixed rate loan, the rate may be higher than that of an adjustable rate product.
With an adjustable rate loan, the rate may initially be lower than that of a fixed rate product, then the rate will adjust with the current market rate every six months after the initial fixed period.

The Interest rates are based on various factors, which include your income, credit score and payment history.
Usually the mortgage loans offer more borrowing power at a lower rate than personal loans and credit cards.
This is why this type of loan is the most requested in Canada.

Mortgages have traditionally been paid on a monthly basis, but recently the market have offered flexible payment options, as weekly, semi-monthly, and bi-weekly payment plans in addition to the conventional monthly option.
They are called Accelerated Payment Plans and let you save thousands of dollars of interest as you are able to pay back the debt faster.



--------------------------------------------------------------------------------------------------

Loan.Vc contains a series of general and useful information for those seeking advice and help with loan and financing matters. Please note that, although our information are accurate and coherent, due to the complexity and information volume of the loan sectors, we cannot completely avoid inaccuracies, unintentional errors, omissions or outdated information. The information contained on these web pages are meant for personal use only and may not be reproduced without the expressed written consent of the authors. Also they are provided for the sole purpose of informing users and cannot replace the advice of experts and professionals. The authors of the website are no way responsible for any prejudice or damage that may result from the consultation of the information contained in this website.

--------------------------------------------------------------------------------------------------


About Us

loans

Contact Us


2014 LOAN .VC All Rights Reserved - Privacy Policy