Renewals
These are the four term types of a mortgage.
Fixed Open, Fixed Closed, Variable Open, Variable Closed
This kind of mortgage requires us to include the municipal tax payment in the periodic payment amount.
NHA mortgage/less than 20% down payment
HELOC
Home Equity Line of Credit
This is the maximum periodic payment amount a client can choose on their Term Portion without paying penalties.
200% of their minimum payment
This is the percentage of Lump Sum Payment that a customer can pay (of their original mortgage principal) per calendar year without being charged a penalty.
15%
A client can renew their mortgage this many days before the renewal date without being charged a penalty.
120 days
On which screen in MTG, MTGE can you see the tax information?
Screen 4
MMS
Mobile Mortgage Specialist
This is the shortest term duration we offer on HELOC Term Portions.
1 year
These TD associates can process a discharge for the client.
A Financial Advisor in branch
True or False - Phone channel agents can re-finance or extend the amortization of a HELOC/Mortgage at the time of renewal.
False - Only the branch can do this.
RESL
Real Estate Secured Lending
This is the minimum $ amount for a HELOC/Flexline term portion.
$5000
If a client has a VIRM mortgage and breaks their term early, this will be their penalty fee
3 months' interest
VIRM
Variable Interest Rate Mortgage
This is the only way to tell if a home equity line of credit is a Flexline or old HELOC
It will say "Plan Limit" in CPA CRL
NHA
This is the maximum amortization for a new HELOC Term Portion
30 years