Our Mortgage advisors will have a conversation on your unique mortgage situation to make sure you are getting a mortgage that works best for you. Give us a call to see how much you could save with QuestMortgage. Because with a purchase
this big, you want to make the right decision.
The Canadian Government’s Home Buyers' Plan (HBP) allows first-time home buyers to borrow up to $60,000 from their RRSP for a down payment, tax-free.
What is the difference between an open and closed mortgage?
With a closed mortgage, you will receive a lower interest rate (compared to an open mortgage), but there is a maximum annual amount you can pay towards your mortgage balance without penalty.
What is the mortgage stress test?
The mortgage stress test requires financial institutions to make sure a borrower can still make mortgage payments if interest rates increase.
What is the difference between a mortgage amortization period and mortgage term?
Your mortgage amortization is the length of time until your mortgage is fully repaid, typically ranging from 25-30 years. Your mortgage will have a set term. The term is the length of time you are committing to your mortgage agreement.
What is mortgage refinance?
A mortgage refinance refers to ending your current mortgage and replacing it with a new one. When you refinance, you can gain access to the equity in your home by adding to the size of your mortgage or lengthening the amortization period of
your mortgage.
What is creditor insurance?
Creditor insurance protects you and your family. It's used to pay out a mortgage balance or cover your mortgage payments on your behalf if something unexpected happens.
* The rate shown here is only for high ratio insured mortgages and is only available for customers who meet all of the following criteria: a) they are purchasing an owner occupied residential property valued at under $1,000,000 with less than 20% down payment; b) the mortgage will be advanced to the customer on or before 45 days from the date of the mortgage application and c) the customers are eligible for mortgage default insurance. For high ratio insured mortgages the Annual Percentage Rate (APR) and the annual interest rate are the same and the standard property valuation fee is waived.
Annual Percentage Rate (APR) is the cost of borrowing expressed as an annual rate, where the cost of borrowing includes all interest and applicable fees such as service charges, legal fees, administrative fees, and appraisal fees (where applicable). If there are no non-interest charges, the annual interest rate and APR will be the same.