Here is a list of specific fine print questions for your ...



Here is a list of specific fine print questions for your mortgage advisor and/or lender. Be sure to get the actual language used in your mortgage contract (if you’re talking to a bank specialist who doesn’t give you the particulars, ask him/her to look it up).

Once you have this information, if you want a candid assessment of your mortgage contract features from an independent expert, call me at 416 304 0100.

For Variable-rate Applicants

Question: What will my fixed rate be if I want to convert mid-term?

Answer:_________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Question: Is my variable interest rate compounded monthly or semi-annually?

Answer: ________________________________________________________________

Question: Is my variable-rate mortgage and/or line of credit registered as a collateral charge or a mortgage charge?

Answer: ________________________________________________________________

For Fixed-rate Applicants

Question: How is my prepayment penalty calculated?

Answer:_________________________________________________________________________________________________________________________________________________________________________________________________________________

Both Variable- and Fixed-rate Applicants

Question: What are my prepayment privileges?

Answer:_________________________________________________________________________________________________________________________________________________________________________________________________________________

Is my mortgage portable? Under what conditions?

Answer:_________________________________________________________________________________________________________________________________________________________________________________________________________________

Is my mortgage assumable? Under what conditions?

Answer:_________________________________________________________________________________________________________________________________________________________________________________________________________________

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