How we make money CompareMyRates. When you purchase a house, there are a number of costs you'll need to put cash aside for in addition to your down payment. Fixed Rate Mortgages - A fixed rate mortgage is where the rate of interest and payment amount are fixed for a specific term. Calculation results are approximations based on the data you have entered and for illustration purposes only and are not intended to provide financial advice. Scotiabank also offers special mortgages to people who are self-employed and individuals who are new to Canada. The important details of your mortgage can be seen on the right. Mortgage insurance estimate is for illustration purposes only as premiums are dependent on your age, number of borrowers and type of coverage.
These costs depend on a number of factors including things like what kind of home you are buying i. The mortgage agreement must then be renewed or the mortgage balance paid in full. Location: Provider Rate Select Loading. The minimum down payment in Canada is 5%. Mortgage default insurance is required on all mortgages with down payments of less than 20%, which are known as high ratio mortgages. Rates quoted are not considered as rate guarantees.
A sample Certificate of Insurance is available on scotiabank. Condominium - A form of ownership in which the owner has title to a dwelling unit and owns a share of the common elements such as elevators, hallways and the land. Longer amortization periods allow homeowners to make smaller monthly payments, but equate to more interest paid over the life of the mortgage. Maturity Date - The last day of the term of the mortgage agreement. Term - The period of time over which the interest rate, payment and other mortgage conditions are set.
Mortgage default insurance is calculated as a percentage applied to your mortgage amount. This mortgage is targeted towards individuals who are looking for fixed rates in the long run but want to take advantage of low interest short-term rates. Mortgage type Mortgage type The mortgage type includes the term of the mortgage, between 1-10 years, and the rate type, variable or fixed. Note that the bank may provide you with a custom rate. Closing Date - The date on which the sale of the property becomes final and the new owner takes possession. Mortgagor - The borrower Refinance - The process of arranging a new mortgage for an increased amount or switching from a conventional to a collateral mortgage.
The length of the term and the conditions such as the rate of interest may be changed. A separate credit agreement contains the specific terms of the mortgage loan. The appraisal is done for mortgage lending purposes and the appraisal value may be less than the purchase price of the property. This may go beyond the term of the loan. Mortgagee - The lender Mortgage Insurance - Distinct from mortgage life insurance or home, property, fire and casualty insurance; mortgage insurance provides protection to the lender in the event of a default by the borrower. Enter the Amortization period, which can be up to 25 years. Although CompareMyRates is dedicated to providing you with the most comprehensive information possible, we may not include every company and product available in the market.
In Canada, the maximum amortization period for insurable mortgages is 25 years. Secondary Homes - A secondary home is a property other than the owner's principal residence. The specific details of the mortgage loan are not included in the charge that is registered on the title to your home. Increasing the size of your down payment or length of your amortization period can help reduce monthly costs. Get a Mortgage Pre-Approval in 5 Minutes! Our sponsors place featured advertisements of their products and services on our website.
This compensation influences the placement of the ads and the order in which they appear. Shouldn't your Mortgage be customised to your needs? Choose your payment frequency then the corresponding interest rate of the mortgage. You can find the lowest mortgage rate by comparing rates from a number of providers or you can get a mortgage broker to do all the work for you. Amortization Period - The actual number of years it will take to repay a mortgage loan in full. This helpful tool helps you determine the best mortgage solutions for your needs. .
The specific details of the mortgage loan such as the amount, term and interest rate are included in the charge registered on title to your home. Amortization period 1 Amortization period 2 Amortization period 3 Amortization period 4 Mortgage rate Mortgage rate The rate of interest you will pay on the outstanding balance of your mortgage. This is determined by the mortgage type and mortgage provider. Whether you are a first-time buyer or looking to move to a new home, this calculator lets you figure out how your current finances and assets can be leveraged to make your purchase. Effectively you have a mortgage with two rates.
The calculations assume all payments are made when due. A lender may permit early payout of a closed mortgage under certain circumstances but will charge a prepayment charge for doing so. At the end of the term the mortgage is due and payable unless renewed. Ready to make a move? Look here to learn more about how Scotiabank can devise a solution that minimises your borrowing costs. Getting a lower mortgage payment One of the best ways to have a lower mortgage payment is to have the lowest mortgage rate.