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Financing, Mortgages and Insurance What options are best for you and your situation?


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Old 2006-08-11, 01:35 PM
anna&alan anna&alan is offline
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Default Down Payment on Mortgage

Hi everyone, we were just wondering if anyone knows when we have to put more money towards our mortgage. We want to put more money towards our mortgage, but were wondering if we do this at closing or when we finalize our mortgage. Thanks,

Anna
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Country Lane - Phase 2
Lot 102
Bell Lake, elevation A
Closing Date: July 20, 2009
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Old 2006-08-11, 01:55 PM
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GregS GregS is offline
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You set up your mortgage with the financier based on the sale price of the house, subtract the amount of money you are going to be using for a downpayment. They finance the rest for you and you pay them a bi-weekly or monthly amount that goes towards principal (the loan amount) and interest (the amount this loan is costing you)

If you want to increase this downpayment, make sure your financier is aware ahead of time because it can affect many things, such as the amount of CMHC insurance you pay, your payment amounts, etc..
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Old 2006-08-11, 03:15 PM
anna&alan anna&alan is offline
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Default down payment

Thanks Greg, that helps a lot!!

Anna
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Country Lane - Phase 2
Lot 102
Bell Lake, elevation A
Closing Date: July 20, 2009
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