From mortgage calculators to FAQs, here are a few helpful tools to get you started on your mortgage journey.
Mortgage Resources
Mortgage FAQs
Amortization period refers to the total time it takes to repay a mortgage loan, including both principal and interest, typically ranging from 15 to 30 years.
Bi-weekly payments offer the benefit of making 26 half-payments a year, equivalent to 13 full payments, helping to reduce overall interest costs and allowing for faster mortgage repayment compared to monthly payments.
The amount needed for a down payment varies, but it is commonly around 20% of the home's purchase price. However, for a purchase of a primary property you may be able to put as little as 5% down which will require mortgage loan insurance.
The mortgage application process involves submitting financial information, including income, assets, and debts. Documentation typically includes proof of income, tax returns, bank statements, and details about the property being purchased. The lender reviews this information to determine loan eligibility and terms.
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