Current Ontario Mortgage Rates
Quick Mortgage Definitions / Terms / Facts
Is my personal information safe?
Absolutely. Your privacy and security is of the utmost importance to us. After logging into this system, your information
is encrypted so your personal information cannot be accessed or viewed by anyone without the proper privileges. We
maintain the highest level of security and data encryption available throughout your loan process.
What are FHA loans?
FHA loans are loans that fit under the guidelines set by the Federal Housing Administration, which is a
government agency under the direction of the Department of Housing and Urban Development HUD. Some
individuals may qualify under the guidelines set by FHA that would not qualify under the guidelines set by
Fannie Mae and Freddie Mac.
What is "Auto Pay" and what are the benefits?
"Auto Pay" is a service we provide so that you do not have to write a check each month. We will automatically take your
monthly mortgage payment out of your Checking/Savings Account each month. You may also receive a lower
price by having the "Auto Pay" feature set up with zionmortgages.com or one of our affiliate banks.
What is the difference between the Annual Percentage Rate APR and the interest rate?
The rate reflected on the APR shows the cost of the credit as a yearly rate. This rate is generally higher than the
rate stated on your mortgage note because, in addition to the interest rate, APR includes other costs such as
origination fee, loan discount points, pre-paid interest, and mortgage insurance. The APR allows you to compare, in
addition to the interest rate, the total cost of financing your loan, between various lenders.
Steps to Getting a Ontario Mortgage?
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Mortgage Qualification Guidlines
1. If the government has established your student loan to be in default, it is possible that you are not found to be a qualified applicant for a mortgage loan. However, there are cases the disqualification may be waived provided that you have entered into your repayment negotiations to schedule for the student loan and you have made punctual payments again for the previous year.
2. You should pay any outstanding collection payments prior to filing you application for the mortgage loan.
3. If you are subject to cases that involve child support payments, your payments should be current and caught up. All court ordered judgments should have been paid up to date.
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Mortgage Qualification Guidlines
1. If the government has established your student loan to be in default, it is possible that you are not found to be a qualified applicant for a mortgage loan. However, there are cases the disqualification may be waived provided that you have entered into your repayment negotiations to schedule for the student loan and you have made punctual payments again for the previous year.
2. You should pay any outstanding collection payments prior to filing you application for the mortgage loan.
3. If you are subject to cases that involve child support payments, your payments should be current and caught up. All court ordered judgments should have been paid up to date.
