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No Doc - Low
Doc Mortgage - What is your privacy worth? To some people its worth thousands of
dollars over the life of the mortgage, since that is what they may be willing to pay for a
no documentation or low documentation mortgage. This is a special loan available to a
special type of borrower; people who cannot or will not give out the type of information
about their income that most people use to obtain a mortgage.
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High-Ratio
Mortgage - (low down payment on property purchase, 5% to 24% down. 1-25
year term, fixed or variable rate.
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Conventional
Mortgage - 25% or more down payment. 1-25 year term, fixed or variable rate.
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Reverse
Mortgage - Any age, home free and clear or small mortgage. No payments need to be made
on this mortgage.
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Private
Mortgage - Through a private lender instead of a bank or institution.
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Equity Mortgage
- Equity take out is available up to 85% of the current appraised value of your home
depending on the area and the type of property involved. Approval based on equity, not
credit or income.
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Consolidation
Mortgage - Available up to 85% of current appraised value of your home. Good credit
and provable income are required on any mortgage in this category exceeding 70% of the
current appraised value on your home.
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Line of Credit
Mortgage - A line of credit secured by a mortgage on your property.
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Mortgage Life
Insurance - Standard or reducing term insurance that will payout your mortgage in the
event of death. Available for single or joint borrowers. Super rates.
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Money Saver
Mortgage - Let's say you have the following bills:
| Car Loan of: |
$
5,000 |
@ |
$398/month |
| Credit Cards: |
$
8,000 |
@ |
$400/month |
| Misc. Other: |
$
2,000 |
@ |
$190/month |
| Total: |
$15,000
|
@ |
$988/month |
If these loans were converted to
one mortgage on your home, the payments could be as low as $134 a month (or lower) ...a
savings of $854 per month! NOW COULDN'T YOU USE AN EXTRA $10,000 PER YEAR?
This
example based on a rate of 10%, calculated semi-annually, not in
advance, and uses a 25-year amortization and a 1 year
term. No fees have been charged. Fees would increase
the effective yield/rate charged. WE DO NOT CHARGE FEES -
WITHOUT THE PRIOR CONSENT OF THE BORROWER.
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Reverse
Mortgage - Standard, available only in major population centres. Home must be free and
clear or have a very small mortgage. Available primarily to the 65 + age range.
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