Important Facts About Property Taxes and Mortgages
Why Property Taxes Matter to Lenders Property tax balances are a top-priority debt on your land title, which means they must be paid before any other claims. Lenders require proof of property tax status to ensure no arrears, as municipalities always get paid first. Your Options for Paying Property Taxes In Ontario, you typically have […]
Understanding Prepayment Charges
Prepayment charges may apply in various situations, such as when selling your home, refinancing, or making lump sum payments that exceed allowable prepayment privileges. Types of Penalties: Variable Rate Mortgages: Capped at 3 months’ interest. Fixed Rate Mortgages: The higher of 3 months’ interest or Interest Rate Differential (IRD). What is Interest Rate Differential (IRD)? […]