Mortgage information

What is it?

The Annual Statement is a comprehensive review of a borrower’s annual activities. Shareholders and other interested parties can access information about the company’s activities and financial performance.

Mortgage Information Statement shows the details of the current mortgage including balance, current interest rate, amount remaining on the mortgage term, amortization and borrower’s contact information. The borrower can request this statement.

Amortization Schedule

Mortgages with Blended Principal and Interest Payment only shows the amounts of principal and interest due at regular intervals, as well as the outstanding principal balance of the loan after each payment is made.

Why is it important?

Annual Statement helps to ensure that:

There is transparency regarding the allocation of payments
The borrower can use this statement for accounting/tax purposes

Mortgage Information Statement helps to ensure that:

There is transparency regarding the allocation of payments
The borrower can use this statement for accounting/tax purposes

Amortization Schedule helps to ensure that:

There is transparency regarding the allocation of payments for the duration of the term

View our other mortgage servicing areas

Financial requirements

On an annual basis, we review financial documents as outlined in the commitment letter to continuously verify the financial health of the property.

Undertaking

Post funding, we work with borrowers to meet the specific milestones and obligations outlined in the mortgage contract.

Insurance requirements

On an annual basis, we verify that all insurance requirements outlined in the original loan documents are being met to ensure adequate coverage for the property.

Property tax

For borrowers that choose to pay their own property taxes, we work in collaboration with the tax department to show proof of timely and accurate payment.

Payments, pre-payments and banking changes

If alterations to verified payment dates or banking information need to be made, we work to verify and implement those changes, so information remains current and execution proceeds smoothly.

Your commitment letter

The commitment is a contract between First National and the Borrower. First National uses this commitment as the source for all decision making throughout the duration of the mortgage amortization period. The commitment covers everything from payment type (fixed, floating, amortizing, interest only), pre-payment parameters, insurance requirements, type of annual review documents to be collected, undertaking requirements, etc.

Why is it important?

It is important to note that the commitment is attached to the mortgage (rather than the borrower) for the entire amortization period.

If the loan is assumed the current Borrower is replaced by the Purchaser of the property.
If the loan is renewed the terms and conditions of the commitment are extended for a new term in accordance with the renewal agreement.
If the loan is refinanced the terms of the existing commitment is discharged and new terms are registered with the mortgage.