Sunday Dec 01st, 2019Share
Mortgage rules change from time to time and you should be aware of any new development in the mortgage regulations. Most of the banks have competitive mortgage interest rates however their terms and conditions vary. Minimum down payment is required. There are other options available also for qualified homebuyers, such as Rent to Own, Zero Down Payment, and Minimum Down Payment etc. One has to be pay very close attention to what’s in the offer, what factors are involved, how you structure your mortgage. It can save or cost you thousands of dollars.
Make sure your monthly mortgage payment is what you can comfortably afford; you must leave room to spend on other home-related expenses as well your personal enjoyment.
Another thing to discuss with your mortgage lender is a variable or fixed mortgage rates, closed mortgage for long term or short term. If you break your mortgage term before its due date, there is a discharged penalty involved, it could be up to thousands of dollars. Portable mortgage when available can give you an option to carry it with you when you buy your next home and avoid discharge penalties.
Most of the lenders provide prepayment or lump-sump payment options on the mortgage anniversary, which is applied directly to the principle mortgage amount. If you are paying biweekly or weekly payment, or little bit extra on each payment, it will shave the years off your mortgage.
You should choose a professional who specializes in mortgages and their services can make a huge difference in the effectiveness of the mortgage you obtain.
Monika Vaid, Salesrep @ Royal Star Realty Inc.,
(647) 300 3643