Mortgages and Financing a Home Purchase - Revision history

Elena Renderos at 15:07, 16 October 2020

2020-10-16T15:07:04Z

Elena Renderos: Elena Renderos moved page Mortgages and Financing a Home Purchase (No. 408) to Mortgages and Financing a Home Purchase: Removing recording numbers from page names

2020-09-12T04:33:42Z

Elena Renderos moved page Mortgages and Financing a Home Purchase (No. 408) to Mortgages and Financing a Home Purchase: Removing recording numbers from page names

← Older revision	Revision as of 04:33, 12 September 2020
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Drew Jackson at 22:49, 29 March 2019

2019-03-29T22:49:02Z

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	{{REVIEWEDPLS \| reviewer = [https://www.ganapathico.com/our-team/nathan-ganapathi/ Nathan Ganapathi] and [https://www.ganapathico.com/our-team/anna-kurt/ Anna Kurt], Ganapathi Law Group\|date= October 2017}} {{Dial-A-Law TOC\|expanded = home}}		{{REVIEWEDPLS \| reviewer = [https://www.ganapathico.com/our-team/nathan-ganapathi/ Nathan Ganapathi] and [https://www.ganapathico.com/our-team/anna-kurt/ Anna Kurt], Ganapathi Law Group\|date= October 2017}} {{Dial-A-Law TOC\|expanded = home}}
	Almost everyone who buys a home borrows money to pay for it. Doing so involves giving the lender a “charge” against the home. Learn what’s involved in getting a mortgage.		Almost everyone who buys a home borrows money to pay for it. Doing so involves giving the lender a “charge” against the home. Learn what’s involved in '''getting a mortgage'''.

	==Understand your legal rights==		==Understand your legal rights==
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	:Web: [https://www.recbc.ca/buyinghome-2.html recbc.ca]		:Web: [https://www.recbc.ca/buyinghome-2.html recbc.ca]


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	{{Dial-A-Law_Navbox\|type=life}}		{{Dial-A-Law_Navbox\|type=life}}
	{{Dial-A-Law Copyright}}		{{Dial-A-Law Copyright}}

Elena Renderos at 07:50, 28 March 2019

2019-03-28T07:50:56Z

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	{{~~Dial~~-A-Law ~~Blurb~~}}		{{REVIEWEDPLS \| reviewer = [https://www.ganapathico.com/our-team/nathan-ganapathi/ Nathan Ganapathi] and [https://www.ganapathico.com/our-team/anna-kurt/ Anna Kurt], Ganapathi Law Group\|date= October 2017}} {{Dial-A-Law TOC\|expanded = home}}

	{{Dial-A-Law TOC\|expanded = ~~housing~~}}
	Almost everyone who buys a home borrows money to pay for it. Doing so involves giving the lender a “charge” against the home. Learn what’s involved in getting a mortgage.		Almost everyone who buys a home borrows money to pay for it. Doing so involves giving the lender a “charge” against the home. Learn what’s involved in getting a mortgage.

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	===If you default on your mortgage===		===If you default on your mortgage===
	If you default on your mortgage, the lender can go to court to take the property or sell it to pay the mortgage debt. This process is called '''foreclosure'''. In a foreclosure, the lender cares about getting its money back. They don’t care about getting fair market value for the property or what might be left over for you. It’s important to take quick action if you’re having difficulties paying your mortgage. See our information on [[Foreclosure (~~Script~~ 415)\|foreclosure (no. 415)]].		If you default on your mortgage, the lender can go to court to take the property or sell it to pay the mortgage debt. This process is called '''foreclosure'''. In a foreclosure, the lender cares about getting its money back. They don’t care about getting fair market value for the property or what might be left over for you. It’s important to take quick action if you’re having difficulties paying your mortgage. See our information on [[Foreclosure (No. 415)\|foreclosure (no. 415)]].

	===When you get a mortgage, you sign a mortgage contract===		===When you get a mortgage, you sign a mortgage contract===
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	:Web: [https://www.recbc.ca/buyinghome-2.html recbc.ca]		:Web: [https://www.recbc.ca/buyinghome-2.html recbc.ca]



	~~[updated October 2017]~~

	'''The above was last reviewed for legal accuracy by [https://www.ganapathico.com/our-team/nathan-ganapathi/ Nathan Ganapathi] and [https://www.ganapathico.com/our-team/anna-kurt/ Anna Kurt], Ganapathi Law Group.'''

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	{{Dial-A-Law Copyright}}		{{Dial-A-Law Copyright}}

	~~{{Dial-A-Law_Navbox\|type=housing}}~~

Drew Jackson: Drew Jackson moved page Mortgages and Financing a House Purchase (Script 408) to Mortgages and Financing a Home Purchase (No. 408): align with new Dial-A-Law website

2019-03-22T00:47:49Z

Drew Jackson moved page Mortgages and Financing a House Purchase (Script 408) to Mortgages and Financing a Home Purchase (No. 408): align with new Dial-A-Law website

← Older revision	Revision as of 00:47, 22 March 2019
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Dial-A-Law: /* Why you might want a “portable mortgage” */

2019-02-17T05:26:19Z

Why you might want a “portable mortgage”

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	If the buyer can assume your mortgage, it’s very important to make sure you won’t still be responsible if the buyer later stops paying the mortgage. Your name stays on the mortgage and you are still responsible, unless your mortgage lets you apply to the lender to approve a buyer under [https://www.canlii.org/en/bc/laws/stat/rsbc-1996-c-377/latest/rsbc-1996-c-377.html#sec24_smooth section 24] of the ''Property Law Act''. Once the lender approves the buyer under this section, you are no longer responsible for paying the mortgage.		If the buyer can assume your mortgage, it’s very important to make sure you won’t still be responsible if the buyer later stops paying the mortgage. Your name stays on the mortgage and you are still responsible, unless your mortgage lets you apply to the lender to approve a buyer under [https://www.canlii.org/en/bc/laws/stat/rsbc-1996-c-377/latest/rsbc-1996-c-377.html#sec24_smooth section 24] of the ''Property Law Act''. Once the lender approves the buyer under this section, you are no longer responsible for paying the mortgage.

	==Why you might want a “portable mortgage”==		===Why you might want a “portable mortgage”===
	A '''portable mortgage''' is one you can transfer to a new property. It is useful if you get a very good mortgage rate for a long term and you move before the term ends, allowing you to transfer the mortgage to the new property without a penalty. You should clarify with the lender that all parts of the mortgage are transferable with the current amount still owing.		A '''portable mortgage''' is one you can transfer to a new property. It is useful if you get a very good mortgage rate for a long term and you move before the term ends, allowing you to transfer the mortgage to the new property without a penalty. You should clarify with the lender that all parts of the mortgage are transferable with the current amount still owing.

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	For expanded coverage of mortgages, including step-by-step guidance on getting a mortgage, see People’s Law School’s information on getting a mortgage at [https://www.peopleslawschool.ca/everyday-legal-problems/home-neighbours/mortgages/getting-mortgage peopleslawschool.ca].		For expanded coverage of mortgages, including step-by-step guidance on getting a mortgage, see People’s Law School’s information on getting a mortgage at [https://www.peopleslawschool.ca/everyday-legal-problems/home-neighbours/mortgages/getting-mortgage peopleslawschool.ca].
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	==Get help==		==Get help==

Dial-A-Law: /* A mortgage gives the lender an interest in your property */

2019-02-17T05:24:43Z

A mortgage gives the lender an interest in your property

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	===A mortgage gives the lender an interest in your property===		===A mortgage gives the lender an interest in your property===

	A ''mortgage''' is a type of loan, often used to buy a home or other property. The lender, such as a bank or trust company, provides part (often most) of the purchase price of the property. The borrower promises to pay the lender back, plus interest.		A '''mortgage''' is a type of loan, often used to buy a home or other property. The lender, such as a bank or trust company, provides part (often most) of the purchase price of the property. The borrower promises to pay the lender back, plus interest.

	Under the [https://www.canlii.org/en/bc/laws/stat/rsbc-1996-c-250/latest/rsbc-1996-c-250.html#sec231_smooth law in BC], a mortgage gives the lender a “'''charge'''” — meaning an interest or a right — against the property being purchased. That charge gives the lender rights if you “default” on the mortgage. The most common way for a borrower to default is by not making payments under the mortgage as promised.		Under the [https://www.canlii.org/en/bc/laws/stat/rsbc-1996-c-250/latest/rsbc-1996-c-250.html#sec231_smooth law in BC], a mortgage gives the lender a “'''charge'''” — meaning an interest or a right — against the property being purchased. That charge gives the lender rights if you “default” on the mortgage. The most common way for a borrower to default is by not making payments under the mortgage as promised.

	===If you default on your mortgage===		===If you default on your mortgage===

Dial-A-Law: /* With more information */

2019-02-17T05:24:25Z

With more information

← Older revision		Revision as of 05:24, 17 February 2019
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	[updated October 2017]		[updated October 2017]

	'''The above was last reviewed for accuracy by Nathan Ganapathi and Anna Kurt, ~~and edited by John Blois~~.'''		'''The above was last reviewed for legal accuracy by [https://www.ganapathico.com/our-team/nathan-ganapathi/ Nathan Ganapathi] and [https://www.ganapathico.com/our-team/anna-kurt/ Anna Kurt], Ganapathi Law Group.'''

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Dial-A-Law at 05:23, 17 February 2019

2019-02-17T05:23:38Z

Show changes

Dial-A-Law at 22:25, 10 April 2018

2018-04-10T22:25:06Z

← Older revision		Revision as of 22:25, 10 April 2018
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	==What is a mortgage?==		==What is a mortgage?==
	A mortgage is a type of loan, often used as a way of buying a house, where the lender provides part of the purchase price (often most of it) in exchange for the guarantee of repayment plus interest. The mortgage agreement is a contract that both you and the lender must comply with. When you get a mortgage to buy a house, you borrow money from a lender (often a bank) and promise to pay back that money, usually with interest and in regular payments. The lender makes sure you’ll repay the loan with a “charge” against your house. That charge means that if you don’t make your mortgage payments, the lender can take the property or sue you for what you owe.		A mortgage is a type of loan, often used as a way of buying a house, where the lender provides part of the purchase price (often most of it) in exchange for the guarantee of repayment plus interest. The mortgage agreement is a contract that both you and the lender must comply with. When you get a mortgage to buy a house, you borrow money from a lender (often a bank) and promise to pay back that money, usually with interest and in regular payments. The lender makes sure you’ll repay the loan with a “charge” against your house. That charge means that if you don’t make your mortgage payments, the lender can take the property or sue you for what you owe.


	If your equity in the house is not more than what you owe, the lender may take the property. Equity is the amount that your house value exceeds your mortgage loan and any other debts, judgments, or liens registered against your house. This legal action is called foreclosure, and you can learn more about it in script [[Foreclosure (Script 415)\|415]], called “Foreclosure”. Another way to finance a house purchase, called an agreement for sale, is described near the end of this script.		If your equity in the house is not more than what you owe, the lender may take the property. Equity is the amount that your house value exceeds your mortgage loan and any other debts, judgments, or liens registered against your house. This legal action is called foreclosure, and you can learn more about it in script [[Foreclosure (Script 415)\|415]], called “Foreclosure”. Another way to finance a house purchase, called an agreement for sale, is described near the end of this script.
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	==What is the term of the mortgage?==		==What is the term of the mortgage?==
	The term is the time the mortgage lasts. Because interest rates are always changing, most lenders won’t lend their money at the same interest rate for as long as the usual amortization period. Instead, lenders first calculate the regular payments as if they were lending the money for the full amortization period at the same interest rate. However, then they lend you the money for a shorter time, or term. You can usually choose terms between 6 months and 10 years. Longer terms often have higher interest rates. At the end of the term, you have ~~the~~ pay the remaining amount of the mortgage to the lender. If there are no problems, you can normally do this by just renewing your mortgage for another term, at the current interest rate.		The term is the time the mortgage lasts. Because interest rates are always changing, most lenders won’t lend their money at the same interest rate for as long as the usual amortization period. Instead, lenders first calculate the regular payments as if they were lending the money for the full amortization period at the same interest rate. However, then they lend you the money for a shorter time, or term. You can usually choose terms between 6 months and 10 years. Longer terms often have higher interest rates. At the end of the term, you have to pay the remaining amount of the mortgage to the lender. If there are no problems, you can normally do this by just renewing your mortgage for another term, at the current interest rate.

	==What if you want to pay your mortgage off quickly, before the term ends?==		==What if you want to pay your mortgage off quickly, before the term ends?==