Are you looking for some mortgage news? We like to stay on top of the latest information through our friends at Prime Mortgage Works. Thanks Callum for the great newsletter about sustainable housing and the difference between collateral and standard mortgages. Do you know if you have a collateral mortgage? Most people have no idea what this even means and what type of mortgage they have.
The primary difference is that a collateral charge mortgage registers the mortgage for more money than you require at closing. For instance, up to 125% of the value of the home at closing with TD Canada Trust or 100% through many credit unions, instead of the amount you need to close your transaction (as is the case with a standard charge mortgage). Intrigued? Read more here.All Articles More Like This