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What is a mortgage amortization?

Amortization is the estimated number of years it will take to pay off your mortgage entirely. Amortization periods range up to 30 years. The longer your amortization is, the lower your mortgage payments will be, but the higher the total amount of interest you’ll pay over the life of the… Read More

What is a mortgage registration?

Once you obtain a residential mortgage from a lender, the lender will register the mortgage against your property which provides the lender with the ability to secure a mortgage or other loan against your property. This mortgage registration gives the financial institution the legal right to claim the registered property… Read More

What is the minimum required down payment when purchasing a home?

You will need a minimum of 5% of the home purchase price as a down payment on an owner occupied property. Mortgage default insurance is required on any property with less than 20% down payment. If you are purchasing a rental or income producing property, you will require a minimum of 20%… Read More

Are there restrictions on where the down payment money comes from?

There are restrictions on down payment sources since banks must be diligent in following anti-money laundering rules and regulations to verify down payment funds are coming from a legitimate source. There are many resources you may be able to use in order to achieve your down payment sooner. Down payment… Read More