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This does not include insurance or taxes or escrow payments. Monthly Payment the payment amount to be paid on this mortgage on a monthly basis toward principal and interest only. The NACA Program is designed to make home ownership more attainable for more people, especially people with limited funds and challenging credit profiles. Note that this is the interest rate you are being charged which is different and normally lower than the Annual Percentage Rate (APR). The NACA Purchase Mortgage Program enables borrowers to purchase a home with no down payment and non-recurring closing costs. Interest Rate the annual nominal interest rate or stated rate on the loan. Mortgage Term the original term of your mortgage or the time left when calculating a current mortgage Mortgage Amount the original principal amount of your mortgage when calculating a new mortgage or the current principal owed when calculating a current mortgage Mortgage calculator with taxes and insurance. To include annual insurance and taxes in your calculations, use this This conventional charge secures only the mortgage loan.Calculate your monthly mortgage payments on your home based on term of your mortgage, interest rate, and mortgage loan amount. The specific details of the mortgage loan such as the amount, term and interest rate are included in the charge registered on title to your home. This collateral charge may secure other debt besides the mortgage loan.Ĭondominium - A form of ownership in which the owner has title to a dwelling unit and owns a share of the common elements (such as elevators, hallways and the land).Ĭonventional Mortgage Charge - (in Quebec, an immovable hypothec): security is provided in favour of Scotia Mortgage Corporation (SMC), a wholly owned subsidiary of Scotiabank, registered in first position priority on the land and building. A separate credit agreement contains the specific terms of the mortgage loan.
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The specific details of the mortgage loan are not included in the charge that is registered on the title to your home. An open mortgage provides you the flexibility for prepayment or a full payout at any time.Ĭlosing Date - The date on which the sale of the property becomes final and the new owner takes possession.Ĭollateral Mortgage Charge - security is provided in favour of The Bank of Nova Scotia (carrying on business as “Scotiabank”), registered in first position priority on the land and building. A lender may permit early payout of a closed mortgage under certain circumstances but will charge a prepayment charge for doing so.
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A sample Certificate of Insurance is available on /insurance.Ĭanada Mortgage and Housing Corporation (CMHC) - The Corporation of the Federal Government that provides mortgage insurance to lenders against borrower default, under the National Housing Act (NHA).Ĭlosed and Open Mortgages - A closed mortgage agreement does not provide options for payout before the maturity date. Includes applicable insurance provincial taxes. Mortgage insurance estimate is for illustration purposes only as premiums are dependent on your age, number of borrowers and type of coverage. Please refer to your mortgage documents for details on your prepayment options. If you have a mortgage with another lender, your prepayment options may be different. If you are a Scotiabank mortgage customer, depending on the mortgage solution that you select, each year you can increase your scheduled monthly payments by up to 10%, 15% or 20% of the payment initially set for your term (or in some cases, your current payment) and make a lump sum prepayment of up to 10%, 15% or 20% of your original principal amount without incurring a prepayment charge. Calculations assume that the interest rate would remain constant over the entire amortization period, but actual interest rates may vary over the amortization period Making weekly/bi-weekly payments will have the effect of making an extra monthly payment every year and will shorten your amortization. The calculations assume all payments are made when due. The Calculator assumes interest is compounded semi-annually, not in advance. Rates quoted are not considered as rate guarantees. Scotiabank does not make any representations or warranties with respect to the calculation results. The starting mortgage length is the amortization period at the beginning of your mortgage term.Ĭalculation results are approximations based on the data you have entered and for illustration purposes only and are not intended to provide financial advice. This is also known as the amortization period.
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Mortgage length is the time it would take to repay your mortgage in full.