Vicky (Vic) Bhardwaj
Mortgage Agent Level 1 - M23007678
Tel: 647-921-2801 | Cell: 647-921-2801
If you already own your own home, you understand the value and security property ownership brings. Because your home is an investment you're paying off over time, you may have already accrued valuable equity in your property. Often, that equity can be leveraged to improve your home, improve your lifestyle, or help you realize other dreams you may have.
When going through the mortgage selection process, payment options, such as payment frequency and amount of down payment required, will most likely be your top priority. Flexibility in your mortgage payment can help you to better budget your finances, plan for the future, and make you feel more comfortable overall with your home purchase.
Mortgage payments can be made weekly, bi weekly, semi monthly and monthly.
A variety of mortgage prepayment options are available that suit the unique needs of different home buyers. Many mortgages allow you to elect to increase your original mortgage payment amount (principal and interest).
Depending on the mortgage product selected, there are various prepayment privileges that are available. For example: A variety of closed mortgages allow prepayment privileges as a percentage (%) of the original mortgage amount to be paid each year, without paying a prepayment charge.
A mortgage that may be prepaid, in part or in full, during the term without paying a prepayment charge.
When you take out a mortgage on a home, you'll generally have a regular payment automatically deducted from your account that covers all amounts you're required to pay. However your mortgage payment may consist of several components, such as principal and interest and property taxes. Let's take them one at a time.
The mortgage principal is the amount you originally borrowed, less any payments made towards it. This does not include interest, which is calculated on the remaining principal balance and paid with your regular payments.
Generally, mortgage interest comprises a much larger percentage of your regular mortgage payment at the beginning of the life of the mortgage than toward the end.
The property taxes that are based on the official assessment of the market value of your property may be part of your regular mortgage payment. These taxes are ordinarily paid in installments. These payments can be held by the lender until they are due as the respective city/municipality will send the bills directly to your lender.
Whether you're considering your first home purchase, leveraging your home equity, buying another home, refinancing your current mortgage, or perhaps wanting to pay down your mortgage faster, The Mortgage Centre is here to help you realize your dreams.
Talk with us Today!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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