Oksana Mortgage Kovalenko
250 Consumers Rd, Suite 905, M2J 4V6 Toronto, ON, Canada

There is a detailed Mortgage Calculator for you. Have fun! https://mortgage-outlet-oksana-kovalenko.mtg-app.com/calcul

MORTGAGE RENEWAL. When is better to stay with your bank and when to look for a better deal.

Introducing a new Interest-Free for Three promotion, where a Lender will pay the interest for three months (for a total of 90 days). Homeowner will only be responsible for making principal payments. Here’s an example of how it works. With a $325,000 mortgage at a 2.54% (the rate is just an example) 5-year fixed rate and 25-year amortization, the regular payments would be: $1,464.56. For the first 90 days of the new mortgage, a Lender will cover the interest and you will poc...ket the difference. Interest portion paid by MERIX: Month One: $687.92 Month Two: $686.27 Month Three: $684.63 Total Savings for the Customer: $2,058.82 * * For illustration purposes only, based on monthly payments. Rates are subject to change.

FAQ T TERM - The length of the current mortgage agreement. A mortgage may be amortized over a long period (such as 40 years) with a shorter term (six months to five years or more). After the term expires, the balance of the principal then owing on the mortgage can be repaid or a new mortgage agreement can be entered into at the then current interest rates. Visit our Renewal site.... TOTAL DEBT SERVICE (TDS) Ratio - The percentage of gross income needed to cover monthly payments for housing and all other debts and financing obligations. The total should generally not exceed 37% of gross monthly income. V VARIABLE RATE MORTGAGE - A mortgage for which the rate of interest may change if other market conditions change. This is sometimes referred to as a floating rate mortgage.

FAQ R REFINANCING - Renegotiating your existing mortgage agreement. May include increasing the principal or paying out the mortgage in full.... RENEWAL - At the end of a mortgage term, the mortgage may "roll over" on new terms and conditions acceptable to both the lender and the borrower. This is known as renewing a mortgage. Otherwise, the lender is entitled to be repaid in full. In this case, the borrower may seek alternative financing. S SECURITY - In the case of mortgages, real estate offered as collateral for the loan.