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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 weekly and bi weekly plans of
all the banks and find out which one works best for you they're not all
the same. For example, a $100,000 mortgage with an 8% interest rate requires
monthly payments of $764, over 25 years. However, with payments of $382
every two weeks, you'd pay off your mortgage in the 19th year and save
$31,163 in interest! 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.
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 20%. 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 know 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 principalÉ. 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 allows 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 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 market !
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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