[vc_row][vc_column][vc_raw_html]JTNDYSUyMG5hbWUlM0QlMjJwcm9ncmFtcyUyMiUzRSUzQyUyRmElM0U=[/vc_raw_html][space height=”25″][big_title title=”Mortgage Programs” title_tag=”h2″ sep=”yes” color=”orange” description=”Select A Mortgage Solution Below”][/vc_column][/vc_row][vc_row font_color=” dark” bg_color=”#35455f”][vc_column width=”1/4″][space height=”30″][icon_font icon=”font-awesome” icon_awesome=”home” size=”50″ icon_color=”#81d742″ css_animation=”fadeInLeft” link=”http://www.mortgageassociatesontario.com/home-buyer-mortgage”][vc_column_text css_animation=”fadeInLeft”]

Home Buyer Mortgage

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Home Equity Loan

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Mortgage Refinancing

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Stop Power of Sale/Forclosure

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Debt Consolidation

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Private Mortgages

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2nd Mortgage

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3rd Mortgage

[/vc_column_text][space height=”30″][/vc_column][/vc_row][vc_row row_bg=”image”][vc_column][space height=”25″][space height=”25″][space height=”25″][big_title title=”Mortgage Features” title_size=”20px” align=” left” css_animation=”fadeInLeft”][vc_accordion style=”style2″][vc_accordion_tab title=”Fixed Rate Mortgage”][vc_column_text]A Fixed Rate Mortgage is a mortgage term with an interest rate which does not change throughout the entire term of the loan.  The payments are set from the beginning of the term, and remain the same until the mortgage maturity date.

When breaking a fixed rate mortgage, usually a penalty of Interest Rate Differential (IRD) or 3 months of interest payments apply.[/vc_column_text][space height=”25″][/vc_accordion_tab][vc_accordion_tab title=”Variable Rate Mortgage”][vc_column_text]A Variable Rate Mortgage is a mortgage term where the interest rate is a discounted rate based on the Bank of Canada’s prime rate and may potentially increase or decline, depending on what the Bank of Canada’s prime rate is, during your term.

For example, if the Bank of Canada’s prime rate is 3.00% and your variable rate is prime – 0.50%, then your variable mortgage is 2.50%.  If the prime rate goes up, then the variable rate will also go up.  If the prime rate goes down, then the variable rate does as well.

When breaking a variable rate mortgage, most lenders and mortgage products have an applicable penalty of 3 months interest.[/vc_column_text][space height=”25″][/vc_accordion_tab][vc_accordion_tab title=”Fully Open Mortgage”][vc_column_text]A Home Equity Line of Credit (HELOC), is a line of credit secured against real estate, and is equivalent to a mortgage, however as you pay down the principal balance of your line of credit, you will have access to the monies available on the Home Equity Line of Credit.

Most HELOC’s allow you to make interest-only payments, and full principal balance may be paid in full, without penalty.[/vc_column_text][space height=”25″][/vc_accordion_tab][vc_accordion_tab title=”Pre-payment Privileges “][vc_column_text css_animation=”fadeInDown”]Pre-payment privileges are a great feature added to most mortgage products.  Most of our lenders offer the 20/20 pre-payment privilege.

What does that mean?

It means you can pre-pay your mortgage by a lump sum of up to 20% of the principal balance each year without any penalties.  The other 20% component to the 20/20 pre-payment privilege allows you to increase your monthly,weekly, bi-weekly, or semi-monthly mortgage payment by 20%, in addition to the 20% lump sum annual allowance.

By taking advantage of these mortgage features, you are sure to shed some years off the amortization of your mortgage, potentially save thousands of dollars in interest, and become mortgage free faster.[/vc_column_text][/vc_accordion_tab][vc_accordion_tab title=”Portability”][vc_column_text]The Mortgage Portability option allows a borrower to port/transfer their existing mortgage balance from one property to another, without paying the traditional applicable penalty for breaking a mortgage.  This allows a borrower to continue with their existing mortgage and terms.  If there are additional funds required for the purchase of the new property, we are able to apply for the difference in the amount needed, and get blend the rate of the new mortgage, with the interest rate of the current mortgage.[/vc_column_text][space height=”25″][/vc_accordion_tab][vc_accordion_tab title=”Assumability”][vc_column_text]The Mortgage Assumability options gives the borrower the opportunity, while selling their property, to also qualify their buyer to take over the existing mortgage charge registered on the property, potentially saving you thousands of dollar in penalties for breaking a mortgage.[/vc_column_text][space height=”25″][/vc_accordion_tab][/vc_accordion][/vc_column][/vc_row]