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Real Estate and Mortgage Institute of Canada Inc.
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Tag Archives: mortgage

What You Should Know About Advertising As a Mortgage Broker

Here are some Do’s and Don’ts for advertising your mortgage business When a brokerage is developing policies and procedures that ensure its public relations materials are compliant, it may wish to include some of the following advertising tips from the Competition Bureau of Canada.   Do: Do avoid fine print disclaimers. They often fail to change […]

Interest Only Mortgage

Interest Only Mortgage The interest only mortgage is straightforward.  The borrower takes out a lump sum of money and only repays the interest due each payment period.  This means that, throughout the life of the mortgage, the borrower will always owe the same amount of principal.

What is a mortgage?

What is a mortgage?  According to the Ontario Mortgages Act, R.S.O. 1990 c.M.40 (the legislation that governs mortgages in Ontario), the word mortgage is defined as, “any charge on any property for securing money or money’s worth.” Most consumers would not necessarily understand that technical definition.  In actuality, a mortgage is evidence of a debt.  […]

The Financial Components of Mortgages

The Financial Components of a Mortgage The basic premise behind every mortgage is the borrower’s promise to repay the amount borrowed.  There are several components to a mortgage, as is illustrated in the Standard Charge Terms, but at its core a mortgage payment is made up of the following financial components:

What is a high ratio mortgage?

What is a high ratio mortgage? A high ratio mortgage is a mortgage that exceeds 80% loan to value.  This refers to either a purchase where the purchaser has less than 20% for a down payment or, in a refinancing scenario, where there is less than 20% equity in the property.  

What is a collateral mortgage?

Collateral Mortgages: What is a collateral mortgage? Unlike a standard mortgage that places a charge on title, a collateral mortgage, which has been around for years but typically only used for secured lines of credit, is a promissory note with a lien on the property for the total amount registered.  You can register more debt […]