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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