Calcun Intl
Mortgages
Simple Real Estate solutions in Toronto and the GTA
Mortgage Applications
Before applying for a mortgage, it is important to be aware of your financial situation. Assess how much money you have and how much money you make. It is extremely important to have an understanding of how much you can afford so that you will be able to financially sustain your mortgage.
Choosing A Mortgage Program That Works For You
Conventional-rate Mortgage
Conventional-rate mortgage is a property loan that does not exceed 80% of the purchase price and does not require loan insurance. This meaning, your initial down payment exceeds 20%. If your down payment is less than 20% you will need to buy home insurance from the Canada Mortgage Housing Corporation (CMHC) to protect the lender against loss if you fail to make mortgage payments.
Fixed-rate Mortgage
Fixed-rate mortgage keeps the same interest rate for the entire period of your loan. This meaning, your monthly mortgage payments will stay the same. Fixed-rate mortgages typically come in terms of 15, 20, or 30 years. Fixed-rate mortgages are a conservative option for cautious and long term borrowers who want to make sure they can make every payment. When acquiring this mortgage, you know exactly what payment you will be making every month which ultimately makes it easier to budget month-to-month expenses.
Adjustable-rate Mortgage (ARM)
Adjustable-rate mortgages have terms in which the interest stays constant for the entirety of that term. After each term, the interest rate adjusts based on current market rates. The fixed rate period can be anywhere from 1 month to 10 years.
Mortgage Calculator
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Simple Real Estate Solutions
Calcun Intl
At Calcun Intl, we are experts when it comes to real estate and easy real estate solutions. We always put our clients needs in the forefront of our efforts. We will help you make the right decision when it comes to buying, selling, or leasing real estate.
About Us
Calcun International is a leading full-service real estate solutions company operating across Ontario, specialized in the assistance of buying, selling, and leasing properties.
Contact Us
Email: info@calcunintl.com
Phone: (647) 688-7885
Address: 401 Bay st, 16th floor Toronto, ON M5J 2X2
Pros
- Your monthly payment remain the same throughout the entire period of your loan
- You can more accurately budget other month to month expenses with no fluctuation of your mortgage payment
Cons
- You’ll pay more interest over time – not ideal if you plan on moving in the next 5 to 10 years
- It takes longer to build equity in your home
Pros
- It is significantly cheaper than a fixed-rate mortgage for at least the first 3, 5, or 7 years.
- ARMs low initial payments often enable the borrower to qualify for a larger loan and, in a falling-interest-rate environment, allow the borrower to enjoy lower interest rates (and lower payments) without the need to refinance the mortgage.
Cons
- With an ARM, your monthly payment may change frequently over the life of the loan.
- If you take on a large loan, you could be in trouble when interest rates rise: Some ARMs are structured so that interest rates can nearly double in just a few years.