Ten questions to help you avoid mortgage-penalty shock

A major bank just announced the lowest 10-year fixed mortgage rate ever 10-year fixed mortgage rate defined. A 10-year fixed mortgage will have a constant rate of interest over a term of 10 years. The term is not the same as the amortization period – the amount of time it takes to pay off your mortgage – but, rather, is the period you are committed to the contractual provisions and mortgage rate with your lender.

The issue has re-surfaced in a G&M article, Ten questions to help you avoid mortgage-penalty shock – The Globe and Mail. I haven’t had a mortgage for years so bring no information to the table other than the link. For those who do have a mortgage, according to the article

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Then ask the adviser to give you a sense for how this penalty would compare to the "typical" lender. While you’re at it, here are 10 more questions to ask a lender about its penalty: 1. Is your fixed-rate mortgage penalty based on posted rates, bond yields or discounted rates?

Closing costs are generally 1.5% of the purchase price. You also get a refund being a first time buyer. If you do all the math, it is not difficult to come up with this amount. Generally you require 5% of purchase price as initial down payment.

Ten questions to help you avoid mortgage-penalty shock – That latter development is a colossal win for mortgage consumers. As helpful as these calculators are. why pay a reinvestment fee on top of your penalty? The latter answer is usually "yes." 8. Can.

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Ten questions to help you avoid mortgage-penalty shock Breaking a mortgage can incur very steep penalties, so it pays to be informed before making a move Donna Gray, Mississauga Real Estate Broker

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So, here we will help you. long time, you should probably train for it, and even if you prepare, it’s still going to hurt. Does that sound like something you want to do at 10 p.m. on a Tuesday.

During the 10 minute wait to be transferred. His mind was all over the place. You’d ask him a question, he’d lose track of.

Mortgage Rates Inch Back Into Historically Low Territory Even with rates at historic lows right now, the difference between 3.5% and 3.75% can add up, especially if you’re applying for a 30-year fixed-rate mortgage. Along with a low debt-to-income ratio and.