<< BACK >>     Mortgage Questions To Ask

    
· Is the mortgage automatically renewable when it matures, or will I have to re-qualify?

· Can I ''skip'' a mortgage payment?

· If I have ''doubled up'' on a mortgage payment, can I ''skip'' a payment at a later date?

If the current rate from the lender is higher that my contract rate when I wish to make a prepayment, will the lender provide a rebate?

· Can I pay my property taxes directly or do I have to pay them through the lender? If they can not be paid directly, what interest is paid on the property tax savings account?

· Is there any outstanding tax due on the property?

· Can I sell the mortgage along with the house?

· Is the prepayment amount based on the original amount, the current payment or the outstanding balance?

· Can the monthly payment be reduced after it has been increased?

· Can I take the mortgage with me when I sell the house? If so, can I ''port'' or ''port/increase/blend''? Can I port and reduce the outstanding balance?

· Who decides if my mortgage allows a prepayment?

· When selling my house, what will the penalty be if the buyer is not allowed to assume the mortgage?

· Will the full mortgage amount be forwarded on closing or is the adjustment date used?

· How often can the mortgage be prepaid?

· How long is the interest rate guaranteed before closing? Is there any cost?

· Will I get the benefit of a lower interest rate if rates drop?

· When will the ''final'' rate be set?

· Can I convert an open mortgage to longer fixed term? What does this cost? What type can I convert to? Are there any fees associated with conversion?

· Is the ''early renewal'' feature offered?

Zee (zdravko) Dimov, RRS
RE/MAX Ultimate Realty Inc.
416-569-5396
zdimov@trebnet.com
Real Estate Made Real E-Zee for You!

This is not intended to solicit clients or properties currently under contract