What happens if my payment is returned?
If your payment has been returned, we require a bank draft or money order in the amount of the payment plus the NSF fee of $75.00.
How do I renew my mortgage?
You will receive a renewal offer in the mail generally 1-2 months prior to your maturity date. In order to renew the mortgage, we need the signed renewal documents along with proof that your taxes, insurance, and any prior mortgages are up to date. If you have any questions about your renewal you may contact our Mortgage Administration department to assist you.
My mortgage is maturing. What are my options?
We are happy to offer renewals.
You may pay down your mortgage at maturity without any penalty.
You may qualify for refinancing.
What is the penalty to pay out my mortgage early?
After 3 months, there is a $75.00 fee to discharge.
How do I pay out my mortgage?
A mortgage is a legally registered document and, therefore, it must also be legally discharged. If you wish to pay out your mortgage, you must arrange for a lawyer or notary to act on your behalf. They will contact us for a payout statement. Once they have the funds to pay out the mortgage, they will forward these to us along with the discharge documents that they have prepared for you. We will have the discharge notarized and sent back to your lawyer to register within 30 days, as required by law.
What is the Loan-To-Value Ratio?
A lending risk assessment ratio that financial institutions and others lenders examine before approving a mortgage. Typically, assessments with high LTV ratios are generally seen as higher risk and, therefore, if the mortgage is accepted, the loan will generally cost the borrower more to borrow or he or she will need to purchase mortgage insurance.
Loan To Value Ratio (LTV Ratio) = Mortgage Amount ÷ Appraised Value of the property
eg: If your property is worth $1,000,000 and your 1st mortgage is $500,000, the 1st mortgage LTV ratio would be 50%. 1st mortgage LTV = $500,000 ÷$1,000,000 = 50%