A written analysis prepared by a qualified appraiser and estimating the value of a property. The Appraised Value is an opinion of a property’s fair market value, based on an appraiser’s knowledge, experience, and analysis of the property.
Mortgage Renewal and Refinancing
To refinance or to renew
– this is the question.
Applying for a mortgage shouldn’t be hard or confusing,
Why is a mortgage insurance premium necessary?
If your down payment is less than 20% of the property value, mortgage insurance is mandatory in Canada. An insurance premium is built into the mortgage. So therefore, the clients do not pay “out of pocket” for this expense. For lenders, a down payment of this size is more of a risk, so the insurance premium is a guarantee for the lender in the event of your defaulting on the loan.
Should I consider a mortgage to help with debt?
Yes. In fact, this is a common use of a mortgage loan. Many of our customers obtain a mortgage to consolidate credit card debt, renovate their kitchen, or invest.