First mortgage priority status is established upon initial registration giving legal precedence over subsequent subordinate claimants like later second mortgages protecting property ownership rights. The Bank of Canada uses benchmark rate changes in try to cool down mortgage borrowing and housing markets if required. Adjustable Rate Mortgages see payments fluctuate alongside changes inside the prime interest. Mortgage brokers provide access to
private mortgage broker mortgages, personal lines of credit and other specialty products. Lenders closely review income sources, employment, credit standing and property valuations when assessing mortgage applications.
