User:JuliRabinovitch

Reverse mortgages allow seniors to gain access to home equity without having to make payments. Conventional mortgages require 20% equity for low LTV ratios under 80% to avoid insurance. Switching from variable to fixed price mortgages allows rate and payment stability at manageable penalty cost. Mortgage Discharge Fees are levied when closing out a mortgage account and releasing the lien on the property. More rapid repayment through weekly, biweekly or lump sum payment payments reduces amortization periods and interest costs. The OSFI mortgage stress test rules require all borrowers prove capacity to pay if rates rise substantially above contract rates. Frequent switching between lenders generates discharge and setup fees that accumulate as time passes. Mortgage Refinancing to less rate can help homeowners save substantially on interest costs over the amortization period. Most mortgages feature a option that enables making lump sum payments or accelerated payments without penalty. Fixed rate mortgages offer stability but reduce flexibility relative to variable and adjustable rate mortgages. Prepayment charges compensate the bank for lost interest revenue every time a closed private mortgage lenders rates is paid early. Mortgage pre-approvals provide rate holds and estimates of amount of the loan well in advance of purchase closing timelines. The CMHC administers the home loan insurance program which facilitates high ratio borrowing for very first time buyers. Mortgage brokers access discounted wholesale lender rates not available directly to secure savings. Home equity lines of credit (HELOCs) utilize property as collateral and supply access to equity using a revolving credit facility. The maximum debt service ratio allowed by most financiers is 42% or less. The First Home Savings Account allows first-time buyers to save as much as $40,000 tax-free towards a deposit. The maximum LTV ratio allowed on CMHC insured mortgages is 95%, permitting deposit as low as 5%. The mortgage renewal process every 3-a few years provides chances to renegotiate better rates and switch lenders. Bridge Mortgages provide short-term financing for real estate investors while longer arrangements get arranged.