FAQ

A. The usual term of a loan is 1 year, which is the reasonable time to be able to qualify with a convention financial institution. (Banks, Caisses populaires). However in certain circumstances, the terms can be more or less than one year.

A.Yes, it is possible to renew the loan at the end of ter term but it is at the discretion of the lender.

A. The amount of the penalty is equivalent to one month’s interest and only after the minimum term (usually 6 months)

A. The penalty received by the lender, which is usually equal to one month of interest when reimbursed before the end of the term, will compensate the lender for the time necessary to re-lend the money.

A. Yes, if the lender approves the new borrower.

A. Normally, the lender will request a property appraisal by his own appraiser at your expense.

A. The value of a property is generally established by the appraiser chosen by the lender and represents the value in the context of the sale of the property in a 3 month time frame.

A. The term Loan to Value Ratio is commonly used by lenders to represent the ratio of the loan over the value of the property expressed in percentage. For example, if someone borrows $150,000 to purchase a house with a $200,000 value, the Loan to Value Ratio is then $150,000/$200,000 or 75%. The balance of 25% must come from the borrower. A high Loan to Value Ration means a higher risk for the lender and therefore a higner interest rate. Notre RPV pourra varier de 50 à 75% dépendamment de la localisation de la propriété donnée en garantie.

A. In general, any regions within 3 hours of our office located in St-Bruno de Montarville.

A. Excel Finance will not refuse your loan request based on your credit rating. However, you will need to demonstrate that you are capable of making your monthly interest payments. In addition, you will need to have a plan to be able to reimburse the loan at the end of the term (or at maturity)

A. The Notary is always chosen by the lender.

A. In addition to the costs of maintenance, municipal and school taxes and insurance of your property, you will pay only the interest on your mortage loan on a monthly basis. The capital of the loan is payable at the end of the term only.

A. The loan administrion fees represent the fees associated with the analysis of your loan request. Upon demand, those fees can be added to the loan if the Loan to Value Ration allows it.

A. The mortgage interest rates are generally lower than the rates on personnal line of credits or Credit cards. Consolidation of all your debts into one payment at a lower rate will make you save and will simplify your monthly payments.

A. The higner the Loan to Value Ratio, the higher the interest rate will be

A. A 60 day Notice or Notice of intent to exercise a mortgage right is a legal action by the lender following defaults of his obligations by the borrower decribed in the Mortgage guarantee deed. It usually happens when the borrower does not make his payments at maturity dates. The Notice will specify that the lender could seize the property if the situation persists. If the Notice is for taking in payment, it means that the lender will keep as damages the difference between the value of the property and the amount owed. This Notice must be taken seriously. In that case, a new loan by Excel Finance can provide you with additionnal time to sell your property and therefore keep the difference between the loan amount and the proceeds from the sale of the property.