Mortgage

Thinking of buying a home? Get pre-qualified today… - Buying a home is a major decision. Whether you’ve just started your research or are actively house-hunting, Sheri McTavish, Senior Mortgage Specialist can help provide you with the personalized advice and solutions you need to make your home ownership goals happen. Whether it’s getting your first mortgage, refinancing or moving your mortgage to RBC, she can help! You will work together to ensure your financing suits both your current and future needs, you can feel confident that you’re working with an expert who has your best interests in mind. Sheri specializes in helping: First Time Home Buyers Moving your mortgage to RBC Investment Properties mortgages Sheri McTavish | Senior Mortgage Specialist | RBC Royal Bank | Royal Bank of Canada | 3854 Dougall Ave Windsor, Ontario N9G 1X2 |  Serving Windsor, Lakeshore, Tecumseh | Cell or Text 226-345-6982 | Fax 519-972-5707 |   https://mortgage.rbc.com/sheri.mctavish#about-me Find out what you can afford  https://online.royalbank.com/cgi-bin/tools/true-house-affordability/start.cgi?lang=en&ms=sheri.mctavish

Mortgage Loan Insurance - Mortgage Loan Insurance Windsor Real Estate   What is CMHC Mortgage Loan Insurance? Mortgage loan insurance is typically required by lenders when homebuyers make a down payment of less than 20% of the purchase price. Mortgage loan insurance helps protect lenders against mortgage default, and enables consumers to purchase homes with a minimum down payment of 5% — with interest rates comparable to those with a 20% down payment. To obtain mortgage loan insurance, lenders pay an insurance premium. Typically, your lender will pass this cost on to you. The premium payable is based on a percentage of the home’s purchase price that is financed by a mortgage. The premium can be paid in a single lump sum or it can be added to your mortgage and included in your monthly payments. Mortgage loan insurance is not to be confused with mortgage life insurance which guarantees that your remaining mortgage at the time of your death will not be a burden to your estate.

Mortgage Terms and Fees - Mortgage Term Over the course of your amortization period, you may have many different mortgages. The term is simply the length of time that interest rates, payment schedules and obligations to the lender exist. When the term comes to a close, you will have the option to renew your mortgage at your current or new lending institution. You can also put a lump sum toward the principal without restriction, or pay off your entire mortgage without penalty. If you wish to change the structure of your agreement during the term you may have to pay a substantial fee to the lender. Choosing Security or Flexibility Mortgages are available with closed, open and convertible options, with fixed or variable rates. The options you choose will reflect your beliefs about the market — is it going up or down? — and your short-term goals and desire for long-term security. Amortization This is the amount of time over which the entire debt will be repaid. Most mortgages are amortized over 15-, 20-, or 25-year…

Mortgage Types - Conventional and High Ratio Mortgages To qualify for a conventional mortgage, you simply have to have a 20% down payment of the purchase price, with the mortgage not exceeding 80% of the appraised value. If your down payment is less than 20%, then you qualify for a high-ratio mortgage. This type of mortgage requires loan insurance, which can cost an additional 0.5% to 3.75% of the mortgage amount. With this type of mortgage you could also be limited to a maximum house price. Second Mortgage Of course, if you cannot add on to your mortgage, you may consider a second mortgage. Each mortgage uses your home as security and gives the mortgagee the right to take your home if you default on your loan. The first mortgagee gets paid first in cases of default and has the best chance of recovering all of its money. So it only goes to figure that subsequent mortgages usually come with a higher interest rate. Mortgage Features Every lending institution is different, and each will have their own customizable…

Mortgage Pre Approval - Mortgage Pre Approval One of the first steps when buying a home is getting pre-qualified for a mortgage. It is important to understand how much of a mortgage you can afford before you begin searching for a home. I work with a selected group of mortgage professionals who are specially qualified to assist you in this area. If you would like to receive the latest rates, and meet with a mortgage professional, please contact me. Mortgage approval, has many factors, including but not limited to income and expenses, length of employment, and your credit rating. Do to the many factors which can effect a preapproval, the enclosed tools should be only used as a guide. Only a mortgage professional can give you an actual preapproval.