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Mortgage Features

Monthly, Weekly or Bi-weekly Payments?

How frequently should I make my mortgage payment? Monthly is a common choice but we can show you the different accelerated weekly and accelerated bi weekly plans of all the banks and determine which one works best for you since they are not all designed the same. For example, a $250,000 mortgage with a 5% interest rate requires monthly payments of $1454, over 25 years. However, with payments of $727 every two weeks, you’d pay off your mortgage in the 21st year and save approximately $102,996! You can even match the date of your payment to your payday, for worry-free budgeting. For your convenience, the payments can be arranged to come out of your bank account automatically with pre authorized methods.

Faster Paydown Features

Lump Sum Payments: (Paying your mortgage off sooner)

This is where the banks’ mortgages really differ. You could be with one lender that only allows a 10% pre payment feature or with another that offers 25%. The higher the amount the faster you can have that mortgage burning party! The trick here is the availability to make pre payments throughout the whole year. When mortgage shoppers are comparing rates this critical feature is often overlooked and its importance in future interest savings. We can find you the lowest rates with the proper lump sum payment features, this way you get the best overall mortgage.

Increase Your Regular Payment

How about if 1 or 2 years from now you would like to add another $100 per payment because you could then afford it? Some lenders allow this but at different amounts ranging from 10-25%extra per payment. We can find you the best feature to suit your future plans. This will help you save thousands in interest costs over the life of your mortgage.

Double – up Payments

Some lenders will allow you to double your payment. So if you were paying $1000 per month, you could then pay another $1000 that would go directly to the principal. Another good feature to have but not all lenders offer this.

Early Renewal Feature

Not all lenders offer this. This is a good feature to have in rising mortgage markets because it will allow you to renew your before your maturity date. Certain penalties may apply but it still may prove to be cost saving in the long run. We can figure that out for you.

Mortgage Life Insurance

Life insuring your mortgage is an inexpensive way to protect what is important to yourself and your family. In the event something should happen to you (or your co-borrower, if you choose joint coverage), mortgage life insurance will pay off your mortgage in full. Your insurance payments, usually only pennies a day, are conveniently included with your regular mortgage payments or we can arrange for a separate life insurance policy for added protection. Not all the plans are the same; we will tailor the right one for you and give you many different options.

Rates Hold Periods for Renewing Your Mortgage

When your mortgage is due for renewal sometimes the rate guarantee period can prove to be critical. Some lenders provide a 30-day period and some 60 days to give the opportunity to lock into your next term. Obviously the longer the better because if rates moved up you may have missed the boat. The good news is we can offer you an interest rate guarantee for up to 120 days – the best in the marketplace!

Portable Mortgage

Do you want to move to another home and take your existing low rate mortgage with you? This is an important clause to have in your mortgage. Say you took a 10 year mortgage at 6% and in the 5th year you decided to move and the rates were now 8% it would be a cost savings to you to transfer the remaining mortgage to the next house and if you need more financing, it could be added. We can assist you in finding a portable mortgage.

Assumable Mortgage

Upon the sale of your home, you could choose to allow the buyer of your home to assume your mortgage, subject to approval. If your mortgage rate is lower than current market rates, a low-rate mortgage can often help you get a better price for your house or sell it faster. We also offer interim financing to help customers who are selling one home and buying another. Interim financing bridges the gap until the proceeds from the sale of your present home are made available to finance your new house. Some legal, interest, and processing fees apply.

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