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  • Axiom Mortgage Solutions Inc. - Home
    Click here to Apply Now Mortgage Renewal Renewals Term at an end Don t just sign your banks first offer let us help you get the best rate Click here to Apply Now Canadian Mortgage Rates Term Rate Current Prime Rate 2 85 1 Year 2 69 2 Years 2 24 3 Years 2 44 4 Years 2 54 5 Years 2 73 7 Years 3 44 10 Years 3 84 VIRM 2 25 Rates subject to change without notice Industry Affiliations Welcome Axiom Mortgage Solutions is dedicated to bringing you current mortgage interest rates and mortgage products from all the mortgage lenders Canada has to offer We deal directly with the lenders on your behalf and will guarantee to find you the lowest interest rates currently offered We shop our rates and products everywhere from the major lending institutions such as the chartered banks trust companies and financial corporations right down to the private Canadian lenders Should you deal with your bank Absolutely Let us do the negotiating for you free of charge It s What We Do Feel free to take advantage of our of learning center mortgage calculators and free Canada mortgage resources Whether you want to

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  • Axiom Mortgage Solutions Inc. - Home
    Click here to Apply Now Mortgage Renewal Renewals Term at an end Don t just sign your banks first offer let us help you get the best rate Click here to Apply Now Canadian Mortgage Rates Term Rate Current Prime Rate 2 85 1 Year 2 69 2 Years 2 24 3 Years 2 44 4 Years 2 54 5 Years 2 73 7 Years 3 44 10 Years 3 84 VIRM 2 25 Rates subject to change without notice Industry Affiliations Welcome Axiom Mortgage Solutions is dedicated to bringing you current mortgage interest rates and mortgage products from all the mortgage lenders Canada has to offer We deal directly with the lenders on your behalf and will guarantee to find you the lowest interest rates currently offered We shop our rates and products everywhere from the major lending institutions such as the chartered banks trust companies and financial corporations right down to the private Canadian lenders Should you deal with your bank Absolutely Let us do the negotiating for you free of charge It s What We Do Feel free to take advantage of our of learning center mortgage calculators and free Canada mortgage resources Whether you want to

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  • Axiom Mortgage Solutions Inc. - Secured Mortgage Application
    t just sign your banks first offer let us help you get the best rate Click here to Apply Now Secured Mortgage Application You are about to be redirected to our Secured Mortgage Application The application will open in a new window and is protected by the strongest industry standards If you employ any popup blocking software it may try to block the application from opening You may need to temporarily disable the popup blocker before continuing With most popup blockers this can be accomplished by pressing and holding the key while clicking Continue with your mouse There are four simple steps to complete the mortgage process Step 1 Apply Our online application will take approximately 5 minutes to complete Please try to complete it as accurately as possible as this will aid us in placing your loan with the right lender and at the best rate Step 2 Processing Your loan application will be reviewed by your Mortgage Agent and then you will be contacted to review your application and discuss your specific needs Step 3 Acceptance When your loan is approved your Mortgage Agent will send you your approval and a list of required documents The approval must

    Original URL path: http://ed.ifirst.ca/index.php?option=com_content&task=view&id=49&Itemid=109 (2015-03-14)
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  • Axiom Mortgage Solutions Inc. - Glossary
    as a driveway or public utilities Encumbrance A registered claim for debt against a property such as a mortgage Equity The difference between the price for which a home could be sold and the total debts registered against it Equity usually increases as the outstanding principal of the mortgage is reduced through regular payments Market values and improvements to the property also affect equity Back to the Top F Foreclosure A legal procedure in which the lender gets ownership of the property if the borrower defaults on the mortgage loan Back to the Top G Gross Debt Service Ratio GDS The percentage of the borrower s gross monthly income that will be used for monthly payments of principal interest taxes heating costs and half of any condominium maintenance fees Back to the Top H High ratio Mortgage A mortgage loan in excess of 80 of the lending value of the property This type of mortgage must be insured for example by CMHC against payment default Holdback An amount of money withheld by the lender during the progress of construction of a house to ensure that construction is satisfactory at every stage A standard holdback amount is 10 of the total cost of the building project Back to the Top I Interest The cost of borrowing money Interest is usually paid to the lender in instalments along with repayment of the principal loan amount Interest Adjustment Date IAD A date from which interest on the mortgage advanced is calculated for your regular payments This date is usually one payment period before regular mortgage payments begin Interest due from the date your mortgage is advanced to the IAD is due on closing Back to the Top J No Terms Back to the Top K No Terms Back to the Top L Lending Value The purchase price or market value of a property whichever is less Lien Mechanic s A claim against a property for money owing A lien may be filed by a supplier or a subcontractor who has provided labour or materials but has not been paid A lien must be properly filed by a claimant It has a limited life prescribed by statute that varies from province to province If the lienholder takes action within the prescribed time the homeowner may be obliged to pay the amount claimed by the lien holder Alternatively the lienholder may force a sale of the property to pay off the debt Loan to value Ratio The ratio of the loan to the lending value of a property expressed as a percentage For example the loan to value ratio of a loan for 90 000 on a home which costs 100 000 is 90 Back to the Top M Maturity Date The last day of the term of the mortgage agreement On this day the mortgage loan must be either paid in full or the agreement renewed Mortgage A mortgage is security for a loan on the property that you own It is your personal

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  • Axiom Mortgage Solutions Inc. - About Us
    Apply Now About Us Axiom Mortgage Solutions is dedicated to bringing you current mortgage interest rates and mortgage products from all the mortgage lenders Canada has to offer We deal directly with the lenders on your behalf and will guarantee to find you the lowest interest rates currently offered We shop our rates and products everywhere from the major lending institutions such as the chartered banks trust companies and financial

    Original URL path: http://ed.ifirst.ca/index.php?option=com_content&task=view&id=52&Itemid=114 (2015-03-14)
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  • Axiom Mortgage Solutions Inc. - Frequently Asked Questions
    of the home unless it is insured by CMHC Canada Mortgage and Housing Corporation or Genworth These insurers protect the lender against default An insurance premium is charged and is added to your mortgage amount A conventional mortgage is when you have 20 or more to put as a down payment on your purchase In most cases there is no insurance premium charged Occasionally the lender may still need to have the mortgage insured through CMHC or Genworth depending on the location of the property or type of property being purchased What are the costs of the CMHC or Genworth premiums Below is a chart of the premiums you would pay on an insured mortgage The amount that would be added to your mortgage will depend on the amount you have put as a downpayment The premium is a percentage of the mortgage amount Downpayment Premium 5 3 15 10 2 40 15 1 80 20 1 25 Why is getting a pre approved mortgage so important Getting a mortgage pre approval is important for many reasons It is important to know what purchase price you are qualified for before you go shopping for a home so that you are shopping in the right price range You need to ensure that you can comfortably afford not only your mortgage payments but all of the other costs of owning a home such as property taxes and utility bills If you have not owned a home before these amounts may be a bit surprising Your mortgage professional will help you take a look at the entire picture You need to ensure that you will qualify for a mortgage based on the lenders criteria If there are issues it is better to discover them at pre approval stage so that you and your mortgage professional can work on fixing those issues prior to your search for a home If you are not able to qualify for a mortgage at this time we can assist you in taking the steps necessary to qualify for a mortgage in the future Once I am pre approved for a mortgage I will have no problem obtaining a mortgage right It is important to note that a pre approval qualifies you as the applicant Your mortgage professional will have confirmed your income credit and down payment at this stage However we are not able to pre approve the property you will be purchasing This is still subject to lender insurer approval Therefore it is important that you always put a subject to financing condition on your offer to purchase Your real estate agent will assist you in writing the offer to purchase Also a pre approval is only valid if there is no material change in your financial situation If something has changed since you received your pre approval i e changed jobs acquired new debt etc please contact your mortgage professional so that they can review your file What happens when I find a home Once you

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  • Axiom Mortgage Solutions Inc. - Home
    Click here to Apply Now Mortgage Renewal Renewals Term at an end Don t just sign your banks first offer let us help you get the best rate Click here to Apply Now Canadian Mortgage Rates Term Rate Current Prime Rate 2 85 1 Year 2 69 2 Years 2 24 3 Years 2 44 4 Years 2 54 5 Years 2 73 7 Years 3 44 10 Years 3 84 VIRM 2 25 Rates subject to change without notice Industry Affiliations Welcome Axiom Mortgage Solutions is dedicated to bringing you current mortgage interest rates and mortgage products from all the mortgage lenders Canada has to offer We deal directly with the lenders on your behalf and will guarantee to find you the lowest interest rates currently offered We shop our rates and products everywhere from the major lending institutions such as the chartered banks trust companies and financial corporations right down to the private Canadian lenders Should you deal with your bank Absolutely Let us do the negotiating for you free of charge It s What We Do Feel free to take advantage of our of learning center mortgage calculators and free Canada mortgage resources Whether you want to

    Original URL path: http://ed.ifirst.ca/index.php (2015-03-14)
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  • Axiom Mortgage Solutions Inc. - Mortgage Solutions
    you may be able to only make prepayments once throughout the year on the anniversary date of the mortgage or the prepayment may need to coincide with a payment date Your mortgage professional will discuss these policies with you as each institution s policies can vary widely Fixed rate vs Variable Rate A fixed rate mortgage is where the interest rate is set at the time you get your mortgage loan and will not change for the entire term of the loan For example if you take out a 5 year term fixed rate mortgage at 5 25 you know that your rate is fixed at 5 25 for five years and will not change This type of mortgage offers you security and peace of mind as you know exactly what the interest rate and payments will be You will generally pay a little higher interest rate for a fixed rate mortgage and the rate usually increases with the length of the term A variable rate mortgage is a mortgage where the interest rate is tied to and floats with the bank s prime rate If the prime rate goes up then your rate goes up If the prime rate goes down then your rate goes down Variable rate mortgages usually offer the lowest available rate because you are taking the risk that rates may rise There are many different options available for variable rate mortgages Your mortgage professional will help you review all of your options The Mortgage Term The term of the mortgage is the contractual life of your mortgage loan The term represents the length of time that you and the financial institution are obligated to each other with respect to your mortgage As you choose your mortgage the term is one of the decisions you will

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