Mortgages, Mortgages, Mortgages

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Mortgage and Lending with Lynn Meldrum with Verico Canada First Mortgage

Well I've been a busy time and wasn't blogging for a while and I must say that Idid miss it.  It's nice to put your thoughts on the net and have see what other think as well so I'm back and ready to roll.

 

Interest rates have become super competitive and seem to be in a constant flux of change.  However one of the things to look as when looking into a mortgage for your selves are not only the interest rates but penalty payouts.  This has been hitting people hard who want to either switch banks to get a better rate or to refinance thier mortgage.  it seems right now the big payouts are preventing people from moving thier mortgages.  I really can't blame them when they are getting hit with a $20,000.00 penalty payout.  But when setting up any new mortgage that would be the time to look at what would be the payout penalty.  I have found the interest rates that are "on special" have the biggest payout penalties, this really is something to look into as you don't want to get stuck into a mortgage you can't get out of unless that' what you want.  Always when getting a new mortgage or a refinance or renewal make sure you know what your payout penalties will be going in just in case something happens and you have to get at the equity in you home, you know what kind of a payout it would be.  Most payout will change depending on the interest rates at the time, but it will give you at least a ball park.

The next thing to look seriously at are pre payment priveledges.  Thi could take down your ammortization of your home quickly as most the of extra payments are going directly to principle and not interest.  you can add more money to the monthly or bi weekly accelerated payments up to 25% depending on the lender.  Then you can do lump sum payments of up to 25% (again depending on lender) of the original mortgage amount per year.  This is not always something that you think about but it is good to know.  What if you won a substanial amount of money and wanted to put it towards the mortgage?  You could end up paying a penalty fee to do this if your mortgage isn't set up for this.  This may never happen but if it did then you would be able to without penalty.

Here are the latest Interest Rates

Lynn Meldrum , Mortgage Professional

 

Verico Canada First Mortgage

Phone 1-403-554-9142

Fax  1-866-53-4235

Email  lynn@canadafirstmortgage.com

                       

 

Term

Our Discounted

Posted Bank Rate

Adjustable

Prime plus 0.60%

Prime Plus 1%

1 Year

2.90%

5.50%

2 Years

3.05%

5.75%

3 Years

3.15%

5.75%

4 Years

3.79%

5.69%

5 Years

3.59%

5.79%

7 Years

5.15%

7.00%

10 Years

5.25%

7.35%

 

rates as of May 5, 2009

 

 

Rates can change w/o notice

 

 

 

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Rainmaker
1,230,687
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Lynn--Love your posts.  Welcome to back to blogging.  Like you I have taken a few days off and I miss it, too.  Like minds, I guess.  I don't have time to post anything this morning before church, but hopefully later.  Mary

May 10, 2009 02:05 AM #1
Rainmaker
532,794
Robert May
Robert W May - Lethbridge Real Estate - Lethbridge, AB
Real estate consulting

Welcome to activerain, while you are here be sure to check out the Q and A sections and see if you have answers to some of the questions that other members are asking:  Activerain Q & A

Mar 05, 2016 01:59 AM #2
Rainmaker
532,794
Robert May
Robert W May - Lethbridge Real Estate - Lethbridge, AB
Real estate consulting

Welcome to activerain, while you are here be sure to check out the Q and A sections and see if you have answers to some of the questions that other members are asking:  Activerain Q & A

Mar 05, 2016 01:59 AM #3
Rainmaker
532,794
Robert May
Robert W May - Lethbridge Real Estate - Lethbridge, AB
Real estate consulting

ps. congratulations on getting your first blog post written.  It is a great way to promote yourself and your business, and its always nice to get comments from other industry members.  Feel free to visit my blog and leave a comment or just say hello.

Mar 09, 2016 10:40 AM #4
Rainmaker
532,794
Robert May
Robert W May - Lethbridge Real Estate - Lethbridge, AB
Real estate consulting

ps. congratulations on getting your first blog post written.  It is a great way to promote yourself and your business, and its always nice to get comments from other industry members.  Feel free to visit my blog and leave a comment or just say hello.

Mar 09, 2016 10:40 AM #5
Rainmaker
532,794
Robert May
Robert W May - Lethbridge Real Estate - Lethbridge, AB
Real estate consulting

ps. congratulations on getting your first blog post written.  It is a great way to promote yourself and your business, and its always nice to get comments from other industry members.  Feel free to visit my blog and leave a comment or just say hello.

Mar 09, 2016 10:40 AM #6
Rainmaker
532,794
Robert May
Robert W May - Lethbridge Real Estate - Lethbridge, AB
Real estate consulting

ps. congratulations on getting your first blog post written.  It is a great way to promote yourself and your business, and its always nice to get comments from other industry members.  Feel free to visit my blog and leave a comment or just say hello.

Mar 09, 2016 10:40 AM #7
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Lynn Meldrum

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