Name That Mortgage Term!
This is the name of the life of your mortgage.
What is Amortization?
This insurance covers the mortgage if the borrower was to pass away.
What is Mortgage Life Insurance?
If an Appraisal on a home is lower than the Purchase Price on the official Purchase Contract, this value (of the two) is what the financing will be based on.
What is the Appraised Value?
On this document, I am looking for the wage, along with year-to-date.
What is a Paystub?
This Investment, which is repayable over a 15 year period of time, can be used under the First Time Homebuyers Plan as the Down Payment to purchase a first home.
What is RRSP's?
A short-term loan to make up the down payment for the purchase of a new home when selling an existing property. This allows the possession of the new home when waiting for the old one to be finalized
What is Bridge Financing?
The minimum Down Payment needed to put down on a home purchase in order to avoid Mortgage Insurance.
What is 20% Down?
A mortgage rate set by the Federal Government that determines how much a consumer can borrow.
What is the Stress Test?
This is the total amount of days needed of bank statements to confirm the Down Payment funds.
What is 90 days?
This determines the maximum approval amount, and will also hold a rate for up to 120 days while a consumer shops for a home.
What is a Pre-approval?
The FULL NAME of the Crown Corporation that insures mortgages for lenders when there is a down payment less than 20%.
What is Canada Mortgage and Housing Corporation?
An Insurance Policy that protects the Home Owner against challenges to the ownership of your home or from problems related to the Title of your home.
What is Title Insurance?
The minimum Credit Score for at least one of the applicants on a CMHC Mortgage.
What is 680?
When using a 2 year average of Employment Income, this document is needed to confirm the income from the past 2 years.
What is a T4 Slip?
The percentage of your home's value that you can go up to when obtaining a Home Equity Line of Credit.
What is 65% (Loan-To-Value)?
The period of time a current financing agreement covers. The length of this determines your Interest Rate.
What is the Term?
This Insurer, who insures mortgages when less than 20% is put as a Down Payment, is a 100% Canadian Private Mortgage Insurer, and is NOT a Crown Corporation.
What is Canada Guarantee?
As of December 15, 2024, all First Time Homebuyers and the buyers of brand new builds will be able to amortize their mortgage for this length of time.
What is 30 years?
This document, which is received after you file your Income Taxes, proves what your total taxable income was for the year, and also shows whether or not you owe Revenue Canada.
What is a Notice of Assessment?
This mortgage product allows you to add renovations into your mortgage when buying a home.
What is Purchase Plus Improvements?
The calculation of your Mortgage Payments, Property Taxes, Heat, Half of your Condo Fees, and any other monthly obligations.
What is the TDS (Total Debt Service)?
This Insurer, who insures mortgages when less than 20% is put as a Down Payment, used to be called Genworth.
What is Sagen?
This is the minimum Down Payment required on a Purchase of over $500,000.
What is 5% on the first $500,000, and 10% on anything over and above?
This document shows division of Matrimonial Assets, along with proof of Child Support and/or Spousal Support.
What is a Separation Agreement?
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Who is Sandra Forscutt?