FREQUENTLY ASKED QUESTIONS
Q: What is mortgage loan insurance?
A: Mortgage loan insurance is for clients who have less than 20% down payment/equity. The insurance premium ensures the lender is reimbursed in the case of default. See our links to CMHC and Genworth Financial for a breakdown of the insurance premiums.
Q: What is a fixed rate mortgage?
A: A fixed rate mortgage means that the interest rate and payments remain constant for the term of the mortgage.
Q: What is a variable rate mortgage?
A: A variable rate mortgage is also known as a adjustable rate mortgage. The interest rate on this type of mortgage may fluctuate during the term of the mortgage reflecting changes in the prime rate.
Q: What is does Term mean?
A: Term is the length of time you agree to a particular interest rate.
Q: What does Amortization mean?
A: Amortization is the length of time it will take to payoff your mortgage in full.
Q: I have had credit problems in the past, can I get a mortgage?
A: Yes we can assist you in getting a mortgage. However, credit ratings can affect the amount of down payment required and/or the interest rate charged be the lender.
Q: Do you do pre-qualifying mortgages?
A: Yes and there is no cost or obligation to get pre-approved.
Q What is the difference between a co-signer and a guarantor?
A: A guarantor signs a document personally guaranteeing the mortgage but not on title to the property.
A co-signor is registered on the title to the property and on the mortgage.
Q: What locations do you provides services to?
A: Ontario
Q: Do you finance rental properties?
A: Yes, please contact us for more details.
Q: Do you provide Commercial mortgages?
A: Yes, please contact us for more details.
Q: Do you provide mortgages on rental properties?
A: Yes, please contact us for more details.
Q: Do you provide agricultural mortgages?
A: Yes, please contact us for more details.
Q: Where is Mortgage Financial Corp. located?
A: Our Head Office is located at 12 Ray Street South, Hamilton Ontario L8P 3V2 |
