Traditional vs Collateral Mortgage Charges
These two options offer different terms, though some lenders may not allow you a choice. Here's what you need to know.
There are two ways to register a mortgage on title: traditional charge and collateral charge. Way back, most lenders registered mortgages as traditional charge. But over the past few years, more and more lenders, especially the major banks, have moved to collateral charge mortgages.
Choosing the right mortgage that suits your current and future needs will ultimately save you money (and hassle) when you least expect it.
Traditional (or Conventional) Charge
Collateral Charge
Yes, most lenders offer collateral mortgages — in fact, there are lenders who will only offer these types of registered mortgages.
Your True North Mortgage expert broker will discuss your best options in how your mortgage should be registered, and which lender suits you best. It's important to consider what you may want to do with your home equity in the future, if you think you'll need extra funds for improvements or investments.
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