Mortgage Features

Your mortgage features – such as the mortgage interest rate and frequency of your mortgage payment – can make a big difference to the bottom line. Mortgage for Less can show you all the mortgage special offers, weekly and bi-weekly payment plans, and provide all kinds of other mortgage tips to help you get the best plan.

Monthly, Weekly or Bi-weekly Payments?

Mortgage Features

How frequently should you make your mortgage payment? Many people opt for monthly payments, but accelerated weekly and accelerated bi-weekly plans can actually save you money on interest and help you pay off the loan faster.

For example, by making bi-weekly payments of $727 rather than monthly payments of $1457 on a $250,000, 5-year mortgage at 5% interest, you'd pay off your mortgage four years faster and save approximately $102,996!

You can even arrange to make automatic payments from your chequing account that match the date of your payday for worry-free budgeting. We can help you sort through all the payment plans at all the banks and mortgage companies so you can find the best plan for you.

Lump Sum Payment Features

Faster paydown features can be key to helping you pay your home mortgage loan off faster. This is where the banks' home mortgages really differ from each other and where having a little information can go a long way. Some lenders only allow a 10% pre payment feature while others offer as high as 25% - the higher the amount the faster you can have that mortgage burning party!

The trick here is having the availability to make pre-payments throughout the whole year. When mortgage shoppers are comparing rates, this critical feature and its importance in future interest savings are often overlooked. We can find you the lowest rates with the proper lump sum payment features, so you get the best overall mortgage.

Regular Payment Increases

What if, one or two years into your mortgage, you can afford to add another $100 to your monthly payment, which can help you pay your mortgage loan off faster? Some lenders allow this but at different amounts ranging from 10-25% extra per payment. We can find you the best features to suit your future plans and help you save thousands in interest over the life of your home mortgage.

Double-up Payments

Some lenders will allow you to double your payment on your home mortgage. So if you were paying $1000 per month, you could then pay another $1000 that would go directly to the principal. This is another feature that is good to have but that not all lenders offer. If double-up payments are something that will work for you, Mortgage for Less can help you find the right lender.

Early Renewal Feature

Not all lenders offer this, but it is a good feature to have in rising mortgage markets because it will allow you to renew your mortgage before your maturity date. Certain penalties may apply but it still may prove to be cost effective in the long run. We can help you figure out if an early renewal feature is right for you.

Mortgage Life Insurance

Adding mortgage life insurance to your mortgage plan 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 give you many different options and tailor the right plan for you.

Rates Hold Periods for Renewing Your Mortgage

When your home mortgage is due for renewal, the rate guarantee period can be critical. Some lenders provide a 30-day period and some give you up to 60 days to lock into your next term. Obviously a longer period is better because if rates moved up more than 60 days after your guarantee period, you may miss out on opportunities to get the best mortgage rate. We can offer you an interest rate guarantee for up to 120 days - the best in the marketplace!

Portable Mortgage

Let's say you decide you want to move to a new house part-way through your mortgage but mortgage rates have gone up since you took out the original loan - getting a portable mortgage means that you can transfer your lower-rate mortgage to your new home, resulting in substantial savings. Mortgage for Less can assist you in finding a portable mortgage and any additional financing that might be necessary.

Assumable Mortgage

When selling your home, you can choose to allow the buyer to assume your mortgage, subject to approval. Because of this, 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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