Canada Wraparound Mortgage for Condominium
Place a wraparound mortgage on a condominium project under this template Canadian mortgage form.
- The wraparound mortgage covers the entire condo project.
- The loan includes the remaining balance of an existing first mortgage plus an additional amount requested by the mortgagor â„ borrower.
- Full payments on both mortgages are made to the wrap around mortgagee â„ 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.
To access the Canada wraparound mortgage template, add it to your cart and click the Checkout button to pay for the form. Then download it to your computer.
Last Updated: 14-April-2016