Prepare a Wrap Around Mortgage for a condominium project
with this template form for Canada.
- The loan includes the remaining balance of an existing first mortgage plus an additional amount requested by the mortgagor ⁄ borrower.
- Full payments on both mortgages are made to the wrap around mortgagee ⁄ lender, who then forwards the payments for the first mortgage to the first mortgagee.
- Interest is calculated and compounded monthly.
- Property taxes are to be paid by the mortgagor in 12 equal monthly instalments.
- The mortgagee may pay the taxes as they come due and charge interest at the mortgage rate on any debit balance in the tax account.
The Canada Wrap Around Mortgage for Condo Project
template is available in MS Word format.