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.
Are there any fees for a Lock?
zionmortgages.com does not charge a fee for the initial rate lock. The rates posted reflect 30 day pricing and there is
no fee to lock in the posted pricing. If you choose to lock an ARM with an extended lock 90-360 days, your lock will
carry a Non Delivery Fee. If your loan does not close for any reason, you will be charged the Non Delivery Fee, which is
based upon your chosen lock-in period and loan amount.
How much does mortgage insurance cost?
Your PMI will be based on your down payment and the loan amount. The larger your down payment, the less PMI will cost.
This is paid monthly with your mortgage payment.
What is an assumption?
An assumption is the process of a borrower transferring their property ownership to someone else. There are two different
types of assumptions, simple and qualifying. The transaction you are trying to accomplish determines which type of
assumption is applicable to your loan. Also, your Deed of Trust may prohibit a qualifying assumption.
A simple assumption is a transfer of mortgaged property from one or more persons to another. It is called "simple"
because this type of an assumption requires the signing of only a few documents to transfer "ownership" of the property
to someone else. An example of a simple assumption is the death or divorce of a co-borrower where the borrower wants
the co-borrowers name removed from the loan. In the case of a simple assumption, the "liability" of the mortgage
debt is not transferred. The remaining borrower is still responsible for repaying the balance of the loan.
A qualifying assumption involves the sale of the property and requires the buyer to qualify for the mortgage, just like
if they were applying for a new loan. A qualifying assumption transfers ownership and the "liability" for the repayment
of the loan to the buyer of the property. Most loans today, if assumable, are qualifying assumptions.
Steps to Getting a Ontario Mortgage?
Get a Free Credit Report!
The first step to getting a Ontario mortgage is to know your credit score.
Understanding your credit report is a critical part to getting your mortgage.
Raise your score while you shop for your Ontario home to get the lowest rate at closing, with a few easy steps you can easily raise your score in within a few months.
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VA Mortgage Loans versus to FHA Mortgage Loan
VA Loans are almost similar to most typical loans, solely they offer many additional benefits reminiscent of: no down cost necessities, decrease qualifying credit scores and mortgage charges will be packaged into the mortgage.
FHA Mortgage Loans are a preferred option amongst many non-veterans. Simple refinancing, more lenient qualifying credit criteria and low down fee requirements attract many people who could not otherwise qualify for a standard mortgage.
Lending Tree Mortgage Calculator
Compare Ontario local and national bank lenders.
Ontario Mortgage Lenders are among some of the most stable and succesful in the country. Now is the time to get a new or refinanced mortgage while CANADA interest rates are low!
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.
