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Real Estate Agents previewing MLS listings, Homes For Sale & Condos For Sale by Century 21 Realtors

Tuesday July the 16th, 2019 

A Realty Site showcasing MLS listings info by Real Estate Agents & Realtors. Neighbourhoods Data for first time home buyers & investing

Ram Rajendram , CPA, CA , Broker                                           Free Home Evaluation

Direct: (416) 737-7700    24 Hr Pager: (416) 733-2666   e-mail me


mortgage ontario toronto mortgage closed open term amortization cmhc high ratio conventional financing appraisal mortgage rates

Toronto Mortgages Options


Want to know how much can you afford to pay for a home? Click here for a detailed mortgage calculator with amortization tables by year Click here for current discounted mortgage rates. This may not be the best mortgage rates, but it's worth looking at. Curious about what home downpayment to make to lower your mortgage payments? Click here for some analysis on your options. Not sure if you should buy or rent? Click here to consider the benefits. Want to read the latest mortgage news. Click here


What Are Your Mortgage Options?


Portable Mortgage  

In this case, the mortgage can be transferred from your existing home to your new home if needed. You may take advantage of this option to:

  • later avoid a mortgage discharge penalty.
  • keep an existing mortgage rate that is beneficial to you.


Blended Mortgage

This occurs when an existing mortgage rate is averaged with a new rate.


Conventional Mortgage

When the amount of your mortgage is less that 80% of the value of the property you are purchasing or to put it another way, when your down payment is at least 20% of the purchase price.


High Ratio Mortgage

When you borrow more than 80% of the value of the property, your must insure your mortgage through the Canada Mortgage and Housing Corporation (CMHC) or G.E. Capital. In this case, you will pay an insurance fee that is up to 3.75% of the value of the mortgage. This fee is paid to the lending institution to guarantee the loan. The insurance fee can be added to the value of the mortgage so it does not form part of your closing costs



Please click here to learn more about home downpayment options 



Please click here for a simple CMHC premium calculator to help you make a decision about how much you may want to put down.


Financing Your Property


You can finance your property by either:

  • cash alone
  • cash and transfer of an existing mortgage
  • cash and a new conventional mortgage
  • cash and a vendor take-back mortgage
  • cash and a combination of a conventional mortgage and a vendor take-back mortgage
  • cash and a high-ratio mortgage

Whenever a mortgage is required, the lending institution requires certain steps to be completed:


  • completion of the loan application by the lending institution (an application fee may be required)
  • the lending institution processes and reviews the application based on information the borrower provides
  • The lending institution requires:

    1. an appraisal of the home
    2. a credit Report on the borrower.
    3. verification of net worth (assets and liabilities) of the borrower.
    4. verification of down payment.
    5. verification of the income of the borrower.
  • once the loan is approved, the lending institution issues a "mortgage commitment" for the borrower's signature.
  • upon closing, the lending institution disburses funds to the buyer's and seller's lawyers for disbursement.
  • the buyer's lawyer will register the loan documents on title


Further information on mortgages can be found here or here.


Do you want to try more calculators? Check Toronto mortgage broker and consultant Calum Ross's site out by clicking here.

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REPORT: 6 Tips to Become Mortgage Free
Are you feeling weighed down by the years remaining on your mortgage? Worried about when you should lock in your variable rate, or unsure of refinancing with rates on the rise? Getting a good interest rate is crucial, but there's a lot more you can do to ensure that you are mortgage free sooner. Flexibility and options are key - and the advice of an unbiased mortgage professional can help you make the most of these alternatives.
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