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Who is Motusbank?
Motusbank is a digital banking system in Canada. They have created an online service where you can perform all your banking activities online. From chequing to savings to borrowing to investing, you can do it all online with Motusbank. If you’re looking for some extra funds to purchase a new car, consolidate your debt, renovate your house or simply make a large purchase, Motusbank has credit products that can help. Motusbank offers personal loans, personal lines of credit, secured lines of credit and mortgages.
Motusbank FAQs
What’s the difference between a mortgage and a secured home equity line of credit?
Mortgage A mortgage is a secured loan that is typically used to buy a home or property. Most mortgages have a loan term between 1 and 5 years with an amortization period of 20 to 30 years. Secured home equity line of credit A HELOC is a revolving credit that is secured by your home equity. A line of credit is great for emergencies as you can draw upon it whenever you need and you only have to pay interest on the amount you use. Like a credit card, you may use it again and again up to its credit limit, so long as you make your payments.
Should I get a fixed-rate or variable-rate mortgage?
A fixed mortgage works best for those who like financial predictability and low risk. With a fixed mortgage rate your interest rate remains the same throughout your mortgage term. Similarly, your payments will remain the same no matter how the interest rate may be changing. A variable mortgage rate fluctuates with the prime rate, which can affect the amount of interest you end up paying. For example, if the interest falls, you end up paying more on the principal and less on interest. Moreover, the amount you pay each month will vary based on the interest. As such, some months you may have to pay more than other months.
What documents do I need to apply for a mortgage?
In general, when applying for a mortgage you will have to provide the following information:
Personal Information
Personal Information
- Proof of identification
- Proof of address
- Proof of income
- Payslips
- T1 tax forms
- NOA
- Letter of employment
- Bank account information
- List of your assets and liabilities
- Savings or statement of investments form the last 90 days
- Proof of sale – of the existing property
- Withdrawal from RRSP through the Home Buyer’s Plan
- MLS listing
- Description of property
- Purchase and sale agreement
- Property tax estimate
