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Helpful Hints with Hugh: FAQs
What are the types of mortgages available?
1. Conventional (Low Ratio) – Basically you have a down payment of 20% or more.
(The mortgage loan amount is equal or less than 80% of what it costs to buy the home.)
2. Insured (High Ratio) – Basically you have a down payment of between 5% to less than 20%. (The mortgage loan amount is greater than 80% but less than 95% of what it costs to buy the home.) As the down payment amount is smaller for high ratio mortgages, they would then be required to be insured; either by Genworth Financial Canada, a private insurer, or Canada Mortgage and Housing Corporation.
What types of Mortgage Products are available?
1. Fixed Rate – the rate you pay is a secure fixed rate over a period of time
2. Variable Rate - the rate you pay fluctuates with the Scotiabank Prime Rate
3. Special Offers
What will my mortgage cost per month?
You can used the link to determine approximate payments: http://cgi.scotiabank.com/mortgage/payment/en/payment.html
Can I pre-arrange my mortgage?
Based on your financial situation, Scotiabank can provide you with a Scotia Pre-Approved Mortgage Certificate that pre-qualifies you for mortgage financing at a guaranteed rate for 120 days. See our previous blog to learn the importance of Pre-Approvals.
Hopefully this edition of ‘Helpful Hints with Hugh’ have answered some of your unanswered questions that have been lingering in the back of your mind about the mortgage process and how that translates into purchasing a new home. If you still have questions to be answered, please contact us here at Stones or the man himself below.
*For more info from Hugh Sim contact:
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