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British Columbia Mortgage Products
I, Marvin Zayac can offer a wide variety of mortgage products at competitive rates to meet your needs and goals.
Conventional Mortgage
Under a conventional mortgage, normally provides up to 80 per cent of the appraised value or purchase price of your property, whichever is less. You must be able to provide up to 20 per cent of the financing on your own.
High-Ratio or Insured Mortgage
Financing up to 95 per cent of appraised value or purchase price of your property, whichever is less. This type of mortgage must, by law, be insured against non-payment by companies like Canada Mortgage and Housing Corporation (CMHC) or Genworth Financial Canada.
Open vs. Closed Mortgage
An open mortgage is one that lets you make additional payments, in part or in full at any time. An open-term mortgage helps you pay off as much of your mortgage as you want, whenever you want, without penalty.
A closed mortgage locks you into a specific payment schedule. You can take advantage of highly competitive prepayment privileges if you want to pay off your mortgage over a shorter period of time. Closed mortgages are available in six-month, and one-to-twenty five year terms.
Convertible Mortgage
A convertible mortgage lets you convert your mortgage to a closed mortgage at any time without penalty.
Variable Rate Mortgage
A variable rate mortgage gives you the convenience of a fixed payment with the potential to reduce your mortgage balance faster and, as a result, reduce your interest costs. A variable rate mortgage is appealing if you want to take advantage of changing interest rates. There are different types of variable rate mortgages, but in general, when interest rates fall, more of the mortgage payment is directed to the mortgage principal. When interest rates rise, less of the fixed payment reduces the principal and more goes to pay interest.
Adjustable Rate- Adjustable Payment Mortgage
Adjustable Rate-Adjustable Payment Mortgage is ideal if you want to maximize your cash flow-it as well as offering the lowest available mortgage payment. The interest rate and payment are adjusted on the first day of each month based on mortgage prime rate and the remaining amortization period of your mortgage. This lowers your mortgage payments so you can use your extra cash for other purposes.