Mortgage Penalties – Fixed Rate Closed Mortgages
Mortgage Penalties for Fixed Rate Closed Mortgages
Mortgage penalties explained for fixed rate closed mortgages. Three (3) months of interest or Interest Rate Differential (IRD), whichever is greater. I covered mortgage penalties for variable rate closed mortgages in a previous post. For further information on mortgage penalties and or to discuss all of your options, contact [...]
Changes To Mortgage Qualification – New Rules
New Rules for Mortgage Qualification
Announced today, effective April 19, 2010, or sooner, there will be three (3) new rules that will apply to the qualification for government backed, insured mortgages (i.e. CMHC, high ratio insured mortgages). The changes are:
Minimum down payment for non-owner occupied properties will be increased to 20% of the purchase price (currently [...]
Mortgage Refinance – Basics
Mortgage Refinance Basics
A mortgage refinance is the term used to describe the situation when you make a change to your mortgage (e.g. take equity out for investment or for renovations, cancel current mortgage to take advantage of lower interest rates at the time, etc.) prior to the renewal date (i.e. date your term ends). This [...]
Mortgage Penalties For Variable Rate Closed Mortgages
Mortgage Penalties For Variable Rate Closed Mortgages
When arranging a mortgage I recommend to be aware of much more than simply who will your mortgage be with and what interest rate are you receiving. Mortgage penalties is just one example of an important factor that should not be overlooked. For more information on mortgage penalties and [...]
Mortgage penalties. That's what's important, forget about the rate.
Mortgage penalties. That’s what’s important, forget about the rate.
Well, not totally as the title of this post suggests, however, potential penalty costs are something that is far too often under addressed at the time of arranging a mortgage, only for it to become a major issue down the road.
When arranging a mortgage one should never [...]