There are two types of mortgages in Quebec: collateral and conventional.
With a conventional mortgage, the amount of your mortgage is
the actual amount borrowed to finance the purchase of your property.
This means that when you need financing for other projects,
you'll have to borrow again.
A collateral mortgage, also known as an umbrella
mortgage, secures your mortgage and your other current and future
debts to National Bank. This mortgage allows you to refinance
without having to go back to the notary. You have access to more
funds as the value of your property increases. The collateral
mortgage is the type of mortgage used at National Bank.
Want to learn more?
Looking to renew your mortgage in the next months?