It’s time to make your home ownership dreams come true!
Home ownership is the ultimate dream of many Canadians! As a Red Deer mortgage professional, Tania Grozelle is here to turn this dream into a reality for you!
If you are currently a homeowner, you know the value and financial security that comes with owning property. You may have even already accumulated equity in your property! That equity can often be used to make improvements to your home or lifestyle.
Flexible Red Deer Mortgage Payment Options
When going through the Red Deer mortgage process, the flexibility of your payment options will most likely be at the top of your list of priorities. These payment options include things such as the frequency of your payments and the amount of the down payment you will be required to pay. Having flexible options can provide comfort and assist you as you plan for your future by creating a financing budget.
Mortgage Payment Options
There are a variety of mortgage payment options. Payments can be made weekly, every other week, monthly or twice a month. A payment schedule will be created for you that best suits your unique needs as a buyer. You might even have the option to increase your payment amount over time as you become more financially secure and wish to pay off your loan faster.
What is an Open Mortgage?
An Open Mortgage is a mortgage that can be prepaid, either in part or in full, during the specified term without the borrower having to pay a charge for the prepayment.
Mortgage Principal, Interest & Other Amounts You Will be Responsible For
While you may only be paying one regular monthly payment, it is important to note that this payment actually consists of multiple components. These components include your mortgage principle, mortgage interest, and property taxes.
Your mortgage principal is the amount you borrowed originally, minus the amount you have already paid towards your loan.
Your mortgage interest is calculated based on the amount of your principal that remains unpaid. Assuming your interest rate is fixed, the amount of interest you pay each month show decrease slightly as the amount of the mortgage balance also decreases with your monthly payments.
Your property taxes are calculated based on an official assessment of the market value of your home. These type of taxes are usually paid in installments and you will be provided the option of your lender holding the funds for the payments and having the bills sent directly to them.
Whatever your home ownership dreams may be, Tania Grozelle of Dominion Lending Centres is here to help you make those dreams come true!