With the Bank of Canada hinting strongly at moving up the interest rate, most likely by .25%, we will see an increase in the prime rate most likely to 2.95%. If you have an adjustable rate mortgage then you will see your monthly payment increase to match this new rate.
0 Comments
Maybe but maybe not. There are a lot of new mortgage products available on the market that offer lower rates while giving up other benefits. These mortgage options may have higher penalties, lower prepayment privileges or even worse they could have a bone fide sale clause.
“I was wondering how the process usually goes, for looking at a new place. We had planned to use our equity in this home as the down payment for a new place. But if we can’t unlock that equity until the closing date, what usually happens in the interim? Do we have to find a place to rent?…a month or longer? When we bought this place, it was our first home purchase, so moving to a new one is new to us. I don’t understand how we are supposed to start looking for a place after subject removal (which is 30 days after tomorrow), when we can’t access the equity to make a down payment.”
8 Questions You Should Ask:
1. What is the penalty to break my mortgage, if I want to upgrade, refinance or sell? Be it fully loaded or all the bells and whistles, as savvy consumers we want to know that we got every bit of extra awesomeness available to us and your mortgage should be no different. Sure you want the best rate, that’s a given. Wouldn’t you also like the extras which will make your mortgage even better with none of the yucky stuff? Of course you would! Today we are going to look at what the mortgage extras are that you should be looking for and those you should beware of. 1. Portable – Most mortgage lenders offer a portable mortgage. This is where you can take your mortgage with you from property to property without penalty. Not all porting policies are |
Hey There!Please Feel Free to Leave a Comment on my Blog Post! Categories
All
Archives
February 2019
Categories
All
|