There are currently 3 names in this directory beginning with the letter A.
Alternate Mortgage Lenders
These lenders are often called “B” lenders and are still regulated by federal and/or provincial mortgage rules. They lend money against prime real estate, in select geographical areas, at slightly higher than A lender interest rates, to borrowers that don’t meet the classic or traditional covenant requirements of A mortgage lenders. Alternate lenders may also charge the borrower an up-front lending fee and can be Banks, Mono Lenders, Trust Companies etc
This is the time it will take a borrower to pay off their entire mortgage + interest if the interest rate and payments were kept the same for the entire period.The maximum amortization period is typically determined by law and currently, it is 25 years for mortgages with less than 20% down payment and 30 years for mortgages with more than 205 down payment
The appraised value of a property is the evaluation of a property’s value based on market conditions at a given point in time, for a specific lender, for mortgage finance purposes and performed by a professional, licensed appraiser accredited by that specific lender. The appraisal is usually paid for by the borrower. The appraised value of a property can be lower, the same or higher than the purchase price of a property and determines the amount of mortgage that a lender is prepared to loan against the property. Canadian lenders will always lend against the lower of the appraised value or the purchase price.