Leon Martin
Phone: (519) 669-5426 Ext 

Mobile: (519) 503-2753

Arranging the Mortgage

Your home is likely the largest and most costly purchase you will ever make. For this reason, it is strongly advised that you shop around for the mortgage that best fits your needs. There are many different types of mortgages and choosing the best one can be a confusing process. Not only am I a real estate broker, but I am also a mortgage broker through Dominion Lending Centres. I can help you through this difficult process.

Dominion Lending is the fastest growing mortgage company in Canada - through them I have access to a variety of products at competitive rates. Most of the information that you will need to know about mortgages is available on my Dominion Lending website at www.leonmartin.ca.

Understanding Mortgage Terminology

Before talking to your mortgage broker or banker, you will want to make sure you understand mortgage terminology.

Mortgage Term- Lenders will only lend you money for a set amount of time, known commonly as the mortgage term. Usually, a term lasts anywhere from 6 months to 5 years. At the end of the term the principal amount is due in full, unless other arrangements are made. At this time, you would renew your mortgage.

Amortization- Your lender will calculate your payments out over a longer period of time, usually over 25 years. The payment schedule is calculated to include the principal, plus interest. While the payment amount always remains the same, the amount apportioned for the principal will increase as the total calculated interest decreases. The more money you put toward the principal, the less you pay in interest. You should note that while a fully open mortgage will allow you to make extra payments toward the principal at any time, a fully closed mortgage does not allow prepayment privileges.

Accelerated Bi-weekly Payments- Rather than paying 12 monthly payments per year, you can pay your mortgage in bi-weekly instalments. Since most people are paid bi-weekly, it hardly makes a difference in how you bank – but it makes a huge difference to your wallet! Have a look for yourself!

Type of Payment

Payment Amount

Amortization Period

Total Cost

Interest Savings

Monthly

$840.50

25.0

$132,149

N/A

Accelerated Bi-Weekly

$420.25

20.5

$103,504

$28,645

 

For more information on applying for a mortgage, please visit my website at www.leonmartin.ca, or contact me directly at 519-503-2753.

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RE/MAX Solid Gold Realty (II) Ltd., Brokerage
3 ARTHUR STREET SOUTH
ELMIRA ON  N3B-2M4
(519) 669-5426
Real Estate License # 4714589