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Mortgage Types

Learn more about different mortgage types.

The mortgage types are available to help the consumer complete there financing options, weather you are construction a new home or purchasing a home and sell your current home ( Bridge Financing). The banks and credit unions are able to find a solution to assist with all the financing need . The descriptions below give a brief overview to the various mortgage types that can be of benefit. For more detailed information contact our mortgage brokers specialist to find the lender who will offer  the particular mortgage type.

 

Bridge financing, or an interim loan, is a short-term open loan designed to assist you while you wait for the sale of your home to be completed. This mortgage type of loan is charged to both your existing and succeeding properties.

For more information, see Bridge Financing.

 

Mortgage can also be secured through as a collateral charge on your property. Collateral loans allow the lender to register a higher  loan amount and provide a re-advance able loan. If you anticipate drawing on your home’s future equity, than a collateral loan option may be for you. More lenders are switching to this mortgage type for registration.

For more information, see Collateral Mortgages.

 

If you plan on building your own home, construction loans are available. These loans can be complicated and you will need the assistance of a mortgage broker with expertise in this area. Typically, lenders have a two-part loan agreement applied to land and construction costs.

For more information, see Construction Finance.

 

Re-financing options can be used to take equity out of the property. Maximum re-finance is up to 80% of you home’s value. The other required will play a key roll in determining  the overall qualification. Expect to pay legal and appraisal costs.

For more information, see Refinance Mortgages.

 

Switch mortgage is simply taking the current mortgage type from one lender to another with out any changes . Switching occurs when your current mortgage moves from one lender to another. The applicants,amortization period and mortgage amount stay the same.

For more information, see Switch Mortgages.

 


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