Quote:
Originally posted by dudewheresmycar
1> Check if they have tagged any monthly fee to ur mortgage
This was done to me by my broker , my lawyer caught it and i had them waive it
2> Check if the mortgage can be closed with 3 months interest..
Generally all variable int mortage follow this rule.. This rule is good because u can sell before ur term is up without a whole lot of penalty.
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Reiki Grand Master
Quote:
Originally posted by sudesingh
Quote:
Originally posted by dudewheresmycar
1> Check if they have tagged any monthly fee to ur mortgage
This was done to me by my broker , my lawyer caught it and i had them waive it
2> Check if the mortgage can be closed with 3 months interest..
Generally all variable int mortage follow this rule.. This rule is good because u can sell before ur term is up without a whole lot of penalty.
3. Also check if the interest is compounded monthly or semi-annually
Quote:
Originally posted by duke76
Check your PM's please. Contains the Mrtg broker's info.
Quote:
Originally posted by duke76
Hi
I have been offered a rate of prime -1 (2%) variable rate by a mortgage broker operating out of Hamilton. The offer is from FirstLine Mortgage, which I understand is a part of CIBC. None of the other brokers that I have talked to was able to offer anything like that, the best that they can offer is prime -.90 (2.10).
When I told them that I have a offer of prime -1, most of them said that there must be something wrong in the deal. Being a first time home buyer, I am a bit tensed up, but apparantly I was not able to see any abnormal charges in the Mrtg agreement. What could be the catch?
The mrtgg comes with a 5 yr term, 20/20 prepayments, assumable and portable, and conversion to fixed term anytime.
Feedbacks would be appreciated.
Thanks
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