Toronto Mortgage Information

Assumable Mortage is when an outstanding mortgage and its terms are transferred from the current owner to a buyer. By assuming the previous owner's remaining debt, the buyer can avoid obtaining his/her own mortgage

A Blended Mortgage is blending your existing mortgage’s fixed interest rate with the current interest rate being offered on a new mortgage amount.  You can take advantage of this product if the current interest rates are lower than your existing and you blend the two, r if you want to borrow more money at the higher current interest and blend with your existing lower one.

HELOC is borrowing against the Equity of your home. Since it's secured by your real estate, you may get the benefit of an interest rate that is lower when compared to unsecured credit interest rates. As you pay back the amount you owe, the amount of credit available to you increases until it reaches your credit limit.

Porting your mortgage is taking your existing mortgage with its current rate and terms to your new home. You can port your mortgage if you're purchasing a new property at the same time you're selling your existing one.

Reverse mortgage is borrowing against the value of  your owned home if you are over over 55 years old in a form of lump sum, fixed monthly payment, or line of credit. A reverse mortgage doesn’t require the homeowner to make any loan payments during his/her lifetime, instead, it will become due when the borrower dies, moves out permanently, or sells the home.