If you’re a homeowner in Ontario, Canada, chances are you took out a loan to pay for your house. That loan, when taken out from a bank or other lender to pay for a first home, is called a first mortgage.
First mortgages are paid back with a set interest rate over an amount of time agreed to by both the homeowner and private mortgage lender.
|Client’s Current Mortgage||Canadalend.com Mortgage||Savings|
|First Mortgage Amount||$ 500,000||$ 500,000|
|Amortization period (Years)||25||25|
|Remaining Term (Months)||24||60|
|Total Remaining Payments for 24 months||$69,724.32||$56,458.08||$13,266.24|
*For representation purposes only. Rates subject to change without notice.