A mortgage is simply the conveyance of a property by a debtor to a creditor as security
for a debt, with the proviso that the property can be reconveyed on payment of the debt
within a certain period.
Individual or business arrange a mortgage as a mean to purchase residential or commercial
real estate without the need to pay the full value immediately
The mortgage market in both BC British Columbia Canada and U.S. is very competitive. This is good news for
consumers because there are many BC mortgage lenders that are keen to have your business
and you have choices.
Most mortgage lenders are banks, trust company, credit union as well
as corporate and individual lenders.
So step aside, look and shop for the best BC mortgage rate. You may save thousands
of dollars.
On a 25-year $100,000.00 fixed rate mortgage, a half percent drop in interest rate will
save you $9,173.82 in interest charges over the life of the mortgage.
Most mortgages are repayable over a maximum period of 30 years in the U.S. and 25 years in
Canada (though last year the Canadians started a 30, 35 and 40 year mortgage. Recently Canada
eliminated the 40 year mortgage because of the housing crisis.
Obviously your mortgage payment will vary according to the length of the amortization period,
the longer the amortization period the lower will be your monthly payment, but then you
will pay more in interest charges over the life of the mortgage .
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