What is an Inter Alia Mortgage in BC Canada?
Hi Jeff Di Lorenzo from The Mortgage Group Canada Inc. Here to explain to you a little about Inter Alia Mortgages in BC Canada.
Inter Alia is a Latin term for among other things, it is a phrase used in legal proceedings that few facts stated are only part of the entire facts or rules and not the entire thing.
An Inter Alia Mortgage is a mortgage that is secured by more than one property. A single mortgage document is executed and registered against each property that is used as security.
An inter-alia mortgage is set up as a blanket mortgage over two or more properties. There are two situations I have used an inter alia mortgages to help out a client.
- To take an existing property that a client had for sale and inter alia it with the home they were buying. This enabled the client to obtain the best mortgage rate financing at the lowest overall cost. Once their property sells the inter alia was discharged and the new home purchase was the only charge registered against.
- Private Mortgage financing where an inter alia charge was taken because of multiple reasons with clients application including income, property types or bad credit rating.
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