What is the meaning of the “Mortgage”?
Mortgage - is a type of loan that is used to finance a home or other property. It is secured by the collateral of real estate and has to be repaid over a specified period.
🔹When you are getting your mortgage, you are called the mortgagor
🔹The lender is called the mortgagee
How “Mortgage” works?
There are different lenders and they offer different rates and conditions depending on the case. The most popular ones are:
🔹A Lenders - banks and credit unions that are looking for customers with good credit scores and a reliable income. Examples of those lenders in Canada: RBC, TD Bank, Scotiabank, etc.
🔹B Lenders - institutions that have fewer requirements to mortgagors of entry to be qualified for a mortgage
🔹Private Lenders - an individual that lends his or her own capital to you.
IK Financial represents over 50 lenders around Canada, just to make sure that you are getting the best offer possible.
If you have any questions, you can contact our licensed mortgage Agents:
Inna Bogdanov 416.268.0004 | Inna@ikfinancial.com
Katerina Markevich 416.388.8153 | Katerina@ikfinancial.com