Regardless of the type of property...a detached or semi-detached home, a townhome, freehold or a condominiun and wherever it is located...Georgetown, Acton, Erin, Halton Hills, Norval, Ballinafad, Hillsburg, Rockwood, Guelph or anywhere in Ontario...mortgages are the same. 

Prepayment...You should ensure that you have some form of prepayment clause in your mortgage that will allow you to pay down your mortgage with a lump sum or extra payments without penalty.

Portability...This allows you to transfer the terms and conditions of your existing mortgage to your new home.  This may allow you to keep your preferred interest rate should you have one.

Assumability...This means you may be able to assume (take over) the existing mortgage on the property.  The mortgage you are assuming may have a lower interest rate than the current market.  Assuming an existing mortgage is quick and saves you money on the usual mortgage arrangements such as appraisals and legal fees.  Your financial institution is established.  The assumable mortgage may be automatic or you may need to be approved...this will have to be verified.

Expandability...This allows you to expand the principal on the first mortgage at the lender's rate of interest and it may be a cost-effective way to finance a home renovation.

The three KEY ELEMENTS to a mortgage are:

• The Interest Rate
• Prepayment Options
• Discharge Fees

Should you require clarrification on any Mortgage Feature just Click Here to send me an e-mail to ask your question.

    Deborah Gilmore...Your Trusted Source For Anything Real Estate!