Mortgage Agent Lic#M20000524
335 Bayly St L1S 6M2 Ajax, ON, Canada

With such convenient access to so many amenities you'll be surprised by the comfortable seclusion offered by the unique geography surrounding Esson Lake. This m...assive 5100+ square ft cottage is nestled on a gently tiered lot with beautiful limestone retaining landscaping, fire pit & hot tub area. Sit on either of the 80 ft decks & feel there is no-one else around. The cottage comes totally furnished including hot tub & pool-table. The inside offers both rugged & refined elements including hickory cabinetry, kitchen breakfast bar & granite counter tops. Open concept living including a games room loft & a view from every room. The master suite offers a spa oasis & double closets. Designed by having their own wings, the bedrooms afforded tons of privacy coming together at the central core which boasts 20 ft ceilings. The cottage has a sense of grandeur with two floors of radiant heating that boosts the efficiency & warms the beautiful birch floors. Highlights: Five Bedroom Three Bathroom Esson Lake Waterfront 5100 square ft, four season home Limestone landscaped fire pit Exterior hot tub Hickory and granite interior accents Birch floors throughout Vaulted 20 ft ceilings in open concept central hall Three storey spiral staircase Master bedroom with spa ensuite and double closets Radiant heating Full exterior deck on both main and basement walkout levels Sold fully furnished, including pool table Turn-key accommodation potential Enjoy this cottage in Spring, Summer, Winter, and Fall. $829,900 1833 Essonville Line, Esson Lake - Highlands East https://buyorl.ist/1833-essonville-line-esson-lake Cheryl Bolger Sales Representative Team Haliburton Highlands RE/MAX

Six basic steps to mortgage loan approval. 1. A mortgage professional creates a file for lender review to determine your financial situation and how much they are willing to lend. Pre-approved and pre-qualified mortgages let potential borrowers know how much money they can afford to borrow. The primary advantage to the borrower is that the lender guarantees an interest rate anywhere from 30 to 90 days. Pre-Qualified mortgages are based solely on the information provided by... the borrower with little or no documentation to support the borrower’s credit status and no property that can be valued. Pre-approvals, on the other hand, mean that a full application is processed by the lender. 2. Property shopping and offer. A buyer locates a property, negotiates the purchase price and signs an agreement. 3. Mortgage loan application. The mortgage professional gathers all the information and documentation to complete the file that includes information about the property being purchased. 4. Loan processing. The mortgage professional forwards the completed file to the lender. 5. Underwriting. The lender's underwriter analyzes the file and approves or rejects the loan. Sometimes underwriters approve the loan with conditions. 6. Approval and Closing. The underwriter issues final approval and the purchaser attends closing to finalize the deal.

If you are looking to make a change or do what you do better...check this out.

Ten terms you should know and understand in your mortgage documents. 1. Closed Mortgage - A mortgage agreement that cannot be repaid, refinanced, or renegotiated until maturity unless otherwise stated in its terms. These terms may include limited prepayment options. 2. Open Mortgage - Allows a borrower to repay any amount of the principal at any time without notice or penalty, in addition to regular mortgage payments.... 3. Accrued Interest - The interest charged for the period of time that has elapsed since the last interest date. 4. Amortization Period - The time over which the mortgage is to be completely repaid, assuming equal payments. This means that when looking, for example, at a mortgage with a 25 year amortization period, it would take 25 years to reduce the balance to zero, if all regular payments were made on time and the terms (payment and interest rate) remained the same. 5. Expandability - A feature available in some mortgages. It allows the borrower to increase or expand the principal on a first mortgage at the lender’s agreed-upon interest rate. 6. Nominal Interest Rate - Also known as the stated rate. This is the interest rate used to calculate interest payments. It differs from the effective interest rate. 7. Prepayment Penalty - The sum of money (usually equal to an amount of interest) a lender may require from a borrower to repay all or part of any outstanding principal in advance. 8. Interest Rate Differential - The difference between the interest rate on your current mortgage term and today’s interest rate for a term that is the same length as the remaining time left on your current term. This calculation is different for every lender and it can add up, quickly. 9. Maturity date - When your mortgage term ends. This is when you either renew your mortgage for a new term, if your lender agrees, or pay it off completely. 10. Collateral charge - A method of securing a mortgage or loan against your property. It differs from a standard (traditional) mortgage in two very important ways: It is readvanceable That means the lender can lend you more money after closing without you needing to refinance and pay a lawyer. It is non-transferable It cannot be assigned (switched) to a new lender like a regular mortgage.

If you are still pondering the deferring question here is a video that is worth watching. Dustan is a great speaker who is easy to understand.

Deferring mortgage payments right now may be good medicine for your financial health. Contact your financial institution or your mortgage professional to help you understand the numbers. You may be pleasantly surprised.