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,
What are Fixed and Variable rates?
In a Fixed Rate Mortgage, the interest rate is fixed for a specific amount of time. This period of time (the mortgage term) can range anywhere from 6 months to 10 years. Over the course of the mortgage, less of the payment counts toward interest and more toward the principal.
A Variable Rate Mortgage is one in which your interest rate will fluctuate with the Bank of Canada’s prime lending rate.. When rates go up, a larger portion of the payment goes toward interest. When rates go down, more of the payment goes toward principal.
How long does the mortgage process normally take?
If we are able to get the necessary documentation, we might be able to get an approval in as little as 24 hours. Keep in mind, the longer it takes for us to receive your documents the longer your approval will take to secure. Take a look at our mortgage checklist, for a summary of what you’ll likely need to provide.