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Mortgage Payoff Calculator

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How much interest can you save by increasing your mortgage payment? This financial calculator helps you find out. Click the “View Report” button to see a complete amortization payment schedule, and how much you can save on your mortgage! Definitions Annual interest rate (APR) – The yearly cost of a mortgage, including interest, mortgage insurance, […]

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Mortgage Loan Calculator

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Use this calculator to generate an amortization schedule for your current mortgage. Quickly see how much interest you will pay and your principal balances. You can even determine the impact of any principal prepayments! Press the “View Report” button for a full yearly or monthly amortization schedule. Definitions Mortgage amount – Original or expected balance […]

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Helpful Mortgage Tools

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Our calculators and mortgage tools will help you determine the right mortgage solution for your needs. These tools are provided for educational and illustrative purposes only. The accuracy of the calculations and their applicability to your circumstances are not guaranteed. Mortgage Loan Calculator Use this calculator to generate an amortization schedule for your current mortgage. […]

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Mortgage Glossary – U to Z

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Variable Rate Mortgage – A mortgage that allows payments to fluctuate from time to time according to the institutions Prime Rate. As payments fluctuate a proportional amount of principal and interest is adjusted to the monthly repayment amount to ensure that the amortization schedule is met. For the best Variable rate mortgage, contact an Urban […]

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Mortgage Glossary – T

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Takeout Mortgage Loan – a mortgage generally taken out to pay off a construction mortgage. Teaser Rate – An attractive rate that is limited to a set amount of time in the mortgage term. Teaser rates generally last for three to twelve months. Title – document showing a person’s right to possession or ownership of […]

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Mortgage Glossary – S

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Second Mortgage – A mortgage that takes second priority after the First Mortgage. Self-Employed Mortgage – A mortgage that is given to a person who is employed for self. Self Employed individuals can qualify for as little as 5% down with little or no documentation required. Contact Urban Mortgage for more details. Simple Interest – […]

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Mortgage Glossary – R

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Rate – The percentage rate paid by a borrower for the use of borrowed money Rate Hold – the length of time a lender will hold a rate for. Lenders in Canada generally hold their mortgage rates for 120 days. Real Estate – A piece of land including all natural resources (above and below the […]

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Mortgage Glossary – Q

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Qualifying Ratios – Lender determined ratios in order to qualify for a mortgage loan. Most Canadian lenders use 32% for Gross Debt Servicing (GDS) and 40% for Total Debt Servicing (TDS) as a guideline.

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Mortgage Glossary – P

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Pre-Approval – A process to determine if a borrower is qualified to obtain a mortgage loan. Urban Mortgage can obtain a pre-approval at no cost for their clients. Pre-qualification – The process in which a potential borrower obtains an estimate of the maximum purchasing price they may qualify for. Prepayment Penalty – A fee charged […]

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Mortgage Glossary – O

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Open Mortgage – A mortgage that can be paid off prior to maturity without penalty. Owner Occupied – A borrower who personally occupies a property.

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