Posted On Oct 04, 2023

There are four main types of mortgage transactions and not all are created equal. Each offers slightly different rates and terms.

PURCHASE: A mortgage used to finance a residential property, such as a house or condo. 

REFINANCE/EQUITY TAKE-OUT: Replacing an existing mortgage, or accessing equity through a Home Line of Credit or Second Mortgage. This is often done for better terms, rates, or to obtain funds for renovations, investments, or paying off high interest loans.

RENEWAL: This happens when the mortgage term is ending. There's options, such as renewing with your current lender, switching to another lender, or paying off the mortgage entirely. 

SWITCH/TRANSFER: Moving your existing mortgage to another lender. This can be done when your mortgage is renewing OR during the term for a better rate, improved mortgage terms, or better customer service. 

Danny Bell, AMP
Mortgage Broker | Lic.#m13001996
C. 289-200-9061
T. 905-426-4200
W. www.strictly-business.ca 
The Mortgage Centre
Durhammortgage.com Ltd. | Est. 1993
Reg. #10231

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