About Any Beneficial Mortgage Extras
These are any extras or benefits that are provided by the lender either on closing or during the term of the mortgage that meet your needs and you find of value.
About Your Assumability
When the buyer of your property takes over your existing mortgage including the amount owing, the balance of the remaining term, the existing rate and payment amount; they have assumed your mortgage.
About Your Portability
The ability to move to another property and take your mortgage with you without having to lose your existing interest rate and terms.
About Your Pre-Payment Penalties
Compensation paid to the lender when you prepay all or part of a closed mortgage more quickly than is allowed or prior to the end of the term. Remember, there is no penalty with an open mortgage
About Your Pre-Payment Privileges
Definition: The ability to prepay all or a portion of the principal balance with NO penalty or charge, subject to conditions (no default, subject to lenders terms) Options: Increase Regular Payment: There are often a number of options available all ranging from 0% to 25%+: Increase your regular mortgage payment by a certain % of…
About Your Payment Frequency Options
Payments consisting of both a principal and an interest component, paid on a regular basis during the term of the mortgage. Refers to how often and when you can make these payments.
About Your Rates and Interest Costs
The interest rate you will be charged by the lender and how much in total you will pay during the term of the mortgage.
About Types of Mortgage Products
I’ll walk you through how each product does, or maybe does not meet your needs to help you select the right one for you!
About your Amortization
The time over which all regular payments would pay off the mortgage in full. The number of payments used to calculate the actual mortgage payment. This determines the principal and interest portion of each payment. The interest portion is higher to start with and slowly decreases over time, although the payment (on a fixed term) remains the same
About your Mortgage Term
The number of years or months over which you agree to pay a specified interest rate and the lender commits to not changing it or asking for their money back (except in default of course) ! Also refers to whether it is an open or closed term