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Types of Home Mortgages in Toronto

An overview of the different types of mortgages and options available to new homeowners and home buyers. Real estate lawyer Toronto makes it easy to compare mortgage rates. https://www.ldlaw.ca/real-estate-lawyer-toronto

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Types of Home Mortgages in Toronto

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  1. Types of Home Mortgages in Toronto

  2. Types of Home Mortgages Open mortgage High-interest mortgage Fixed-rate mortgage Portable mortgage HELOC Cash loan

  3. Open mortgage With an open mortgage, you can pay off your mortgage at any time without penalty. Open mortgages generally have shorter terms, but may also have variable or slightly longer interest rates.

  4. High-interest mortgage A high-interest mortgage is one in which the borrower pays less than 20% of the property's value/purchase price as an advance.

  5. Fixed-rate mortgage The interest rate on a fixed-rate mortgage is fixed and tied to the term of the loan. Lenders often offer a variety of prepayment options that can help you pay off your mortgage quickly, partially or in full.

  6. Portable mortgage Mobility is a common feature of institutional mortgages. With a transferable mortgage, you can transfer them from one property to another without penalty or necessity.

  7. HELOC A home equity line of credit is a revolving line of credit that is protected by your home. You can borrow money up to a credit limit, which is usually a percentage of the value of your home. HELOC is an opportunity to get a home loan. This is the difference between the value of your home and the amount owed on the unpaid mortgage.

  8. Cash loan This type of mortgage loan offers you a down payment. These funds can be used for purposes other than your deposit (eg moving expenses, furniture, etc.). The interest rate on this type of mortgage is high.

  9. Role of a real estate lawyer Real Estate Lawyer Toronto will review the property's specific credit and mortgage details, as well as transaction fees, penalties or daily rates. They will also examine the status of annual property taxes and payments with local authorities.

  10. Thank You

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