Article: Mortgages
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Mortgages
Canadian mortgages have some quite subtle differences from the UK system so I have no doubt they will be fairly new to most nationalities. Whichever type of home you buy, the chances are you will need a mortgage. There are many different methods of financing a home buying purchase that are unique to Canada:
Assuming a mortgage - This involves taking over the sellers mortgage and negates the need to arrange your own financing. The rate you take on may well be fixed lower than the rates on offer and you should not be required to pay appraisal and other setup costs. In some cases you will not have to qualify for the mortgage either, though this depends on the original terms imposed by the lender. Normally, you will have to buy out the part of the mortgage already paid off by th...
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