These are expenses over and above the price of the property that are incurred by buyers and sellers when transferring ownership of a property. Closing costs normally include an origination fee, property taxes, charges for title insurance and escrow costs, appraisal fees, etc. Closing costs will vary according to the area country and the lenders used.
Purchase Plus Improvement Mortgage
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.
Can I transfer my mortgage if I buy another home?
Depending on your mortgage lender, yes. Most lenders are now offering options that allow you to take (or “port”) your mortgage with you. Typically you will not be assessed additional fees if the possession period between your old and new home is 60 days or less.