My Favorites

Articles on Mortgages All Articles

Best Rates- What's in the Fine Print - Part 2

ADVICE Author: Caroline Lennox

I can't stress this enough...!
Restrictive clauses in mortgages *do not* go away at the end of the term.
They are there for the full life of the mortgage, term after term.

The only main thing that changes at term maturity is the rate.

So if  the clause you sign states you can not re-finance or payout the mortgage unless you meet very narrow criteria, that is the way it is. For a long time.

Did you know? Under the Canada Interest Act, once you hit 5 years on a term greater than 5 years, the maximum penalty lenders should charge you is 3 months' interest.

OAC
E&OE
For illustration purposes only

Contact Information | Invis - Canada's Mortgage Experts

Name: Caroline Lennox
Caroline Lennox
Company: Invis - Canada's Mortgage Experts
City: Victoria
Province: British Columbia
Country: Canada
Phone: 800-757-0412
Email: Email
Website: http://www.clmortgages.com