JOHN W DAVID'S 
Canadian Mortgages
Financing, calculator, refinancing, company, rate, home, loan, bad credit, second, adjustable, quote, commercial, residential, lowest, best, Canadian, Barrhaven, Stonebridge, Blossom Park, Findlay
Creek, Hunt Club South, Ottawa, Ottawa South, Nepean, Greenboro, Riverside South, Manotick, Orleans, Innes, Bay, College, Knoxdale, Merivale, Gloucester, Southgate, Beacon Hill, Cyrville, Rideau, Rockliffe, Rockcliffe Part, Alta Vista

I am a strong believer in mortgage brokers in that they provide their clients with a wider range of mortgage lenders, rates, terms, and more usable advice to suit better the clients' needs. At last that's been my experience.

I make no commission or compensation of any kind from anybody on this page. They are offered based on my experience with them or having approved them from a serious conversation with them.

Sandie Sloan-Lemay
Sr. Mortgage Planner
Mortgage Architects
Tel: 613-821-1132
Fax: 613-821-7492
Cell: 613-227-3483

Sandie is a long standing senior professional, knows a lot of people, banks, the right lawyers if you need one.  Great help and reduces the stress load of setting up your mortgage.
www.mtgarc.ca/sloan
sas_sunset@rogers.com
sandie@telus.blackberry.net

Mortgage Alliance
Real-T-Mortgages Inc.
Dana Mason
Senior Mortgage Advisor
613-523-3383

Things to ask your mortgage provider.

1. Assumability. The interest rate you obtain today may be lower than interest rates into the future. Your lower interest rate today may be an advantage to a future buyer if your mortgage is assumable.

2. Portability. In a similar vein, in selling your new home at some future date under the current mortgage, it may be in your best interest to carry your mortgage onto your new home. Can this be done?

3. Prepayment privilege in whole or in part should be built into your mortgage payment obligations. You would be surprised how even just a couple of hundreds of dollars can save you literally thousands of dollars in interest costs. 

4. Penalties and Fees for early discharge. At least know what they are and that, in fact, you can even discharge it early as in, say, selling your home at some future date. 

5. Check with your mortgage lender their take on closing costs and, if necessary, their ability or willingness to provide those funds.

6. If you have a home to sell, even as a condition of the purchase of another home, will the mortgage lender provide bridge financing to help you acquire the new property without the need to carry two mortgages? Especially where the home you want to own is either by itself a hot property or the market is hot, the seller may not want to or be able to hold their property until your closes. A bridge loan is a very good option. In Canada, anything over 80% financing is considered a high ratio mortgage and comes at an extra cost in the form of an insurance. 
   This is not to be confused with home insurance nor with, say, term insurance you might be wise to purchase in the amount of the mortgage.

CMHC may provide the loan but add an insurance rider which, when amortized over a long time may be more expensive than applying for a conventional first mortgage and then applying for a second mortgage. Check with your mortgage lender into the mathematical advantages of this financing approach as opposed to a high ratio mortgage. 

Things to note:

An online mortgage calculator provides a good rough estimate of costs including interest and principal. . 

You should also consider any mathematical mortgage calculations by anyone other than a mortgage specialist to be a good rough calculation. I sell and buy the best homes for my clients. That's my expertise. They sell mortgages. That's their expertise. Always get expert advice from only those who are experts in giving that particular advice. 

A Canadian Mortgage Calculator should not be used in any way as a form of what you really qualify for nor as a mortgage approval or pre-approval. A mortgage pre-approval, which gives you much more negotiating power and credibility in an offer must be from a recognized mortgage lender and in the form of a letter from that lender.

By law I cannot recommend any one lender to you. I have included various alternatives offered by my colleagues and from my own personal experience. I get no referral incentives from any of the people mentioned above.