CTV Morning Live: Mortgage Minute - August 12
Frank Napolitano of Mortgage Brokers Ottawa joins Jeff Hopper on CTV Morning Live to look at the two different types of mortgages in this week’s Mortgage Minute.
On this week's episode of the Mortgage Minute, Frank Napolitano talks to Jeff Hopper about the difference between a standard mortgage and a collateral mortgage.
A standard mortgage is exactly what you think it is - standard. There will be an amortization and a term, and at the end of the term if you come across a better rate with another institution, you can switch your mortgage to that institution at no cost. A collateral mortgage is not easily moved from one institution to another. If at the end of your term you would like to switch your mortgage to a different lender, there will be a fee to be paid. It is important to discuss what mortgage type is right for you. Contact a Mortgage Broker for advice.
Click here for the full video.