The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

www.insideHALTON.com | OAKVILLE BEAVER | Friday, January 8, 2016 | 24 Advertorial Mortgage charges can help or hinder homeowners If you're shopping for a mortgage, it's important to think about the long-term implications of the contract you're signing. One little-understood aspect of a mortgage contract is how the mortgage security will be registered. Ask each lender you contact whether they will register the mortgage security with a standard or a collateral charge. The charge gives your financial institution the right to sell your home if the loan is not repaid as agreed. Investigate your options to find one best suited to your needs. Standard charge vs collateral charge With a standard charge, the specific details of the mortgage loan (e.g., the amount, term and interest rate) are included in the charge registered on the title to the property. A standard charge is registered for the actual amount of the mortgage loan. With a collateral charge, the specific details of the mortgage loan might not be included in the charge, and it can be used to secure multiple loans with your lender, including a mortgage and a line of credit. The charge can be registered for an amount that is higher than your actual mortgage loan. This could allow you to borrow additional funds in the future, if you want to. For example, let's say you want to buy a house valued at $400,000; you've got a $150,000 down payment, so you need to borrow $250,000 to buy the house. With a standard charge, the amount registered would be $250,000. Should you want to borrow additional funds at a later date, you would have to register a new mortgage, and that can be costly. With a collateral charge, the amount registered may be higher than the actual amount you need to fund the house purchase. For example, it might total $290,000. You only make payments and pay interest on the money you actually borrow, not on the amount of the charge. So you have the $250,000 to complete the house purchase, and should you want to borrow all or part of the additional $40,000 later on, you may not need to register a new charge and there may not be any costs to do so. Access to extra funds is not automatic With a collateral charge mortgage, you accept an assignment at little or no cost to you. The assignment means the existing charge is assigned to the new lender rather than being discharged and replaced with a new charge. By contrast, other lenders may not accept the transfer of your collateral charge mortgage. Instead, you may need to discharge your existing mortgage and register a new mortgage with the new lender. This may be costly. When you discharge your mortgage, all loans secured by the collateral charge must be repaid in full or transferred to the new lender. What's a HELOC? A home equity line of credit is an option for borrowing on your home's equity, which is the difference between the value of your home and the unpaid balance of any current mortgage. A HELOC is secured by your home and registered with a collateral charge. After it is set up, you do not need your lender's approval to borrow funds up to the credit limit, subject to the HELOC terms. More information is available at itpaystoknow.gc.ca. (NC) will need to apply for the additional funds and re-qualify based on the lender's current criteria, the property value and your ability to repay the new loan amount. Switching lenders When the term on a standard-charge mortgage ends, typically other lenders will $5 0 ,90 ,00 0 $ 9 4,9 0,0 00 $ 9 3,9 8,8 00 $ 8 3,9 8,0 00 $ 8 3,8 8,0 00 $ 8 3,2 8,0 00 mcdadi.ca/5341a Fabulous custom built 5 bedroom, 5 bath bungalow featuring approx 9,000 sq ft of living space on 88 acres. mcdadi.ca/1193m Waterfront Estate. 4+1 bedrooms, 6 baths. Finished W/O basement. Approx 8,000 sq ft of living space. mcdadi.ca/2415d Doulton Estates bungalow. Approx 4,100 sq ft. Quality finishes. In-ground pool. Gorgeous theatre room. mcdadi.ca/4483L One of a kind approx 5,100 sq ft ft. custom built bungaLorne Park. Rare 100 x 319 lot. Contempolow byRenovated. renowned Ferris Rafauli. A true masterpiece. rary. Hardwood. In-ground pool. mcdadi.ca/1945m Mississaugua Golf & Country club. Approx 12,0000 sq ft. 5 bedrooms, 7 baths. In-ground pool. mcdadi.ca/934L Lorne Park. Waterfront property with riparian rights. 105 ft of rare waterfront. Move in ready. $2 0 ,89 ,00 0 $2 0 ,70 ,00 0 $2 0 ,40 ,00 0 $2 8 ,38 ,00 0 $2 5 ,36 ,00 0 $ 9 2,1 8,8 00 mcdadi.ca/1288i Lorne Park. Over 8,000 sq ft of luxury living. 4+1 bedrooms, 6 baths. Finished walkout basement. mcdadi.ca/1382a Lorne Park. Premium 89 x 338 ft lot. Hardwood. 2 master bedrooms. In-ground pool. Marley roof. mcdadi.ca/1308k Lorne Park. Custom built. 4 bedrooms, 6 baths. Hardwood throughout. Finished walkup basement. mcdadi.ca/1428w Lorne Park masterpiece. Soaring ceilings. Hardwood. Finished basement. In-ground pool. mcdadi.ca/75t Thorncrest Village Gem. Over 6,300 sq ft of living space. Finished walk out basement. mcdadi.ca/1504o Eastlake. 100 x 150 ft lot. 4+1 bedrooms, 6 baths. Hardwood. Finished basement. Huge deck. $ 9 1,6 9,9 00 $ 8 1,4 8,0 00 $ 9 97 ,00 0 9 $8 9,0 00 1 $4 9,9 00 0 $4 9,9 00 mcdadi.ca/1021s Lorne Park. No expenses spared. 80 x 135 ft mature lot. Exceptional workmanship throughout. mcdadi.ca/2067b Mississauga Road. Mature 92 x 123 ft lot. Hardwood. 5+1 bedrooms, 5 baths. Finished basement. mcdadi.ca/1188m Mineola. Approx 2,400 sq ft. Neff kitchen. Updated baths. 4 bedrooms, 4 baths. In-ground pool. mcdadi.ca/2115r Premium 75 x 150 ft lot. 3 bedroom sidesplit. Hardwood. S/S appliances. Finished walkout basement. mcdadi.ca/12205g Uptown Oakville. 2 bedroom, 2 full bath townhouse. Open concept layout. Granite. Huge Balcony. mcdadi.ca/2300122u Glen Abbey. Brand new Approx 730 sq ft apartment. Granite. S/S appliances. Close to the GO. Sales Representatives: Abraham Azraq, Alvin Tung, Anthony Nguyen, Ashkan Khaleghi, Ben Sadeg, Bill McFarland, Craig Yaffe, Fadi Abou-Chalha, Isaiah Bayley-Hay, John Athanasiou, JT Bhabra, Julie Jones, Kayla Ie, Leanne Binsell, Lisa Lee, Marcello Marchese, Mark Powell, Marwa Nadr, Maryam Kermani, Marzena Ciecielag, Mase Rasti, Michelle Delemos, Mike Azraq, Mona Azraq, Nikita Walia, Norm Wilkie, Obie Khwaja, Sean Johnny, Shannon Bowen, Sue-Maya Hawass, Susan Campian, Tom Gusi, Zaheer Shaw, Zareer Divecha. Brokers: Harry Nanda, Jim Yurchuk, Leonard Howell, Ramvir Ahlawat, Sabrina Nagar.