再请问：关于 Desjardins's Morgage

[hanperson]

Desjardins 和 银行的 morgage 有什么区别？ Desjardins 利率比较低， 有没有风险？

 

[mortgagegopher]

Desjardins 和 银行的 morgage 有什么区别？ Desjardins 利率比较低， 有没有风险？

In Ontario, Desjardins is a credit union. Credit union is regulated by provincial government.

Banks are regulated by federal government in Canada.

The risk of borrowing mortgage from a credit union?
- it is not much different from a bank.

- your home is registered under your name in the 'Title'. The mortgage banks/credit unions/mortgage companies will put a lien on your home title such that you cannot sell the home without paying back the mortgage to them first. Other than that, banks/credit unions/mortgage companies do not own your home. Exception: If you don't pay the mortgage payment (i.e. default), they have the right to sell your home to get back the loan they borrowed to you. (that's the reason of having a lien on your home title).

- even if a credit union has a financial problem, other mortgage companies/credit unions/banks will buy the existing mortgage business from the problematic credit union. It doesn't affect your mortgage term until the mortgage renewal date.

 

[hanperson]

Many many thanks

Many many thanks

In Ontario, Desjardins is a credit union. Credit union is regulated by provincial government.

Banks are regulated by federal government in Canada.

The risk of borrowing mortgage from a credit union?
- it is not much different from a bank.

- your home is registered under your name in the 'Title'. The mortgage banks/credit unions/mortgage companies will put a lien on your home title such that you cannot sell the home without paying back the mortgage to them first. Other than that, banks/credit unions/mortgage companies do not own your home. Exception: If you don't pay the mortgage payment (i.e. default), they have the right to sell your home to get back the loan they borrowed to you. (that's the reason of having a lien on your home title).

- even if a credit union has a financial problem, other mortgage companies/credit unions/banks will buy the existing mortgage business from the problematic credit union. It doesn't affect your mortgage term until the mortgage renewal date.

 

[寺言]

it may have its own penalty. read clause carefully or ask them directly such as refinancing policy, fast pay back plan etc.

 

[mortgagegopher]

it may have its own penalty. read clause carefully or ask them directly such as refinancing policy, fast pay back plan etc.

That's true for banks and credit unions...

Even having a mortgage from one of the banks, there are different pre-payment and other policies among different banks too.