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Interest rate that varies according to fluctuations in the prime rate, and this throughout the term of the mortgage loan. When the mortgage rate decreases, a larger portion of the periodic payments is applied to reduce the loan amount. On the other hand, if the interest rate increases, a larger tranche of periodic payments is applied to interest.
03/06/2015
It is indeed a rare occurrence when a buyer pays its condo, in one single payment. Most of them must obtain a mortgage loan to finance their purchase. What are the criteria and conditions to get a mortgage loan? Whom should you get it from? Banks, credit unions or other sources? What…...
05/12/2023
A mortgage broker is a mortgage finance professional who acts as an intermediary between the borrower and the lender. Since May 1, 2020, mortgage brokerage has been a discipline covered by the Act respecting the distribution of financial products and services and subject to the regulation of the Autorité des…...