An organization that collects payment data relating to the credit ratings of individuals and makes it available to credit card companies, financial institutions, etc.

A fixed rate mortgage is a mortgage that has the rate set for a specific period of time. Generally known as the mortgage term, these terms can range from 6 months up to 10 years. Whether you should lock in for a long term or stay short depends on the interest rate trend in the market, as well as your financial situation and degree of risk tolerance. Most fixed-term mortgages allow you to make partial prepayments towards the principal balance during the term; however these privileges vary from Lender to Lender. We will assist you in making the best decision and can set you up on an accelerated payment plan that can save you thousands of dollars in interest.

A variable-rate mortgage often allows you to take advantage of the lowest rates available. The variable rate is usually tied to a mortgage Lender's prime rate. These rates are often quoted as prime minus 0.5% or prime plus 1%, etc. Variable-rate mortgages have been attractive when market experts feel that rates will drop or stay level for a period of time. Variable rate mortgages have the downside of offering little security in a rising-rate environment and payments and interest expense can rise when rates rise.

Renegotiating your existing mortgage agreement. You may be increasing the principal or paying out the mortgage in full and arranging a new mortgage.

At the end of a mortgage term, a mortgage can be renewed if the terms and conditions acceptable to both the lender and the borrower. Otherwise, the lender will be repaid in full, and the borrower will arrange financing elsewhere. It is never advisable to just renew without having your Mortgage Broker review available options.

Equity Line of Credit or Line of Credit - An Equity Line of Credit gives you access to the equity in your home, usually up to a maximum of 65% of its appraised value. The advantages are that if you need to renovate, travel, pay down other debt, etc., the rate of interest on home equity loans is generally less than other types of personal loans and credit cards. Lines of Credit are generally tied to the prime rate.

This is temporary financing that can be arranged for a variety of purposes, but generally for situations where a new home has been purchased but the old one not yet sold, or where borrows want to stay in their existing home while a new one is being constructed. Borrowers must still be able to service the debt as required by the mortgage Lender.

If you are building a home, we can arrange a construction mortgage for you. Typically, there are three or more disbursements made by the mortgage Lender as construction of the building progresses. The mortgage lender will conduct appraisals during the course of construction and will advance funds in accordance with the appraised value of the partially completed building. Course of Construction Mortgages are often at a slightly higher rate than a standard mortgage, but the advantage is that the borrower is not paying interest on the whole amount of the mortgage at the beginning of construction. Instead, the advancing of funds as the project moves along saves interest costs, particularly where construction takes an extended period of time.

In some cases, borrower from a private lender can make the most sense. Financial Institutions have fixed policy guidelines that work for most people, but not all cases. Where a borrower's situation falls outside the box, a private mortgage may be the best solution. Fees apply when we arrange private financing for our clients.

A mortgage which can be prepaid at any time, without penalty. Interest rates are usually higher for open mortgages.

Mortgages of less than 20% of the lesser of the purchase price or appraised value of the property. Contrasted to conventional mortgages - High ratio mortgages require default insurance. Property value must be under one million.