| Five things about your Mortgage |
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Seller Information |
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| Goodeal member since 26-apr-2011 |
|  North York, Ontario, Canada | |
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Classified Details |
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Five things about your Mortgage your bank did not tell you
Fixed Rate vs Floating Rate
When you go to a bank to apply for a home mortgage, the bank staff always persuades you to take the fixed rate. More than half of the applicants will pick fixed rate to get rid of the high interest night mare, but...
Mortgage Insurance
9 out of 10 people will also apply for a mortgage insurance through the bank. When accident has happened, the bank will help to pay off the mortgage, no matter it is in day one or fifteen years later. If there is no accidents at all, the applicant cannot get back anything.
Unfortunately, at some situations, the beneficiary cannot even get a penny when there is an accident.
Now there is a sure way to get the amount the same as your home mortgage in day one, no matter when the accident is happened, not just enough to pay off the mortgage. If there is no claim at all, the applicant can also get back some of the money.
Monthly Payment and Amortization Period
Most people will have an amortization period of 20 years; some of them will have a 25 years. The monthly payment is calculated based on the rate and the amortization period. If in some day, you get laid off, can the monthly payment be changed? The answer is...
Line of Credit
Some people will take advantage of the low interest rate line of credit to pay off the high interest rate credit card. Do you know that you can make money from line of credit?
Posted Mortgage Rate
There are at least two major banks who calculate the mortgage interest in a different way, making them a big different than the others. For example, a 4% posted rate will become 4.6% while the others are only at 4.1%.
Want to find out more? send email to me |
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