Home Buying FAQ

Can we make changes to the mortgage application, such as length of term, repayment frequency, etc., once the application has been submitted?

Yes. Your ideal mortgage formula has probably already been created, but if you want to consider a change let's review the possible benefits and implications.

Is GST paid on a resale home?

There is no GST unless the house has been renovated substantially, and then the tax is applied as if it were a new house.*

What is an IAD or Interest Adjustment Date?

If your transaction is due to close in the middle of the month, but your regular mortgage payments are set for the start of the month, your first mortgage payment could be delayed for several weeks. To cover this, a date is set as the IAD and an amount is collected on closing to cover this Interest Adjustment Date period.

How much of a downpayment will I need?

The downpayment usually represents between 5-20% of the total price of the property.

What is the difference between High Ratio Mortgage Insurance and Mortgage Life Insurance? High Ratio Mortgage Insurance protects the lender against payment default by the home buyer. It is required by most lenders if the home buyer has less than 20% downpayment. An insurance premium will apply. Mortgage Life Insurance protects your dependents and loved ones in the event of your death.

When the mortgage lender pays the Property Taxes, how are payments calculated? The estimated amount of your Property Taxes can be added to the mortgage payment and paid on your behalf at the appropriate times. Depending on the balance in your tax account, it may be necessary to increase or decrease the amount of monthly payments to reflect the timing of Property Tax payments.*

* Tax information consists of general comments only, for full details see the applicable legislation or review with your advisor.

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