Features you should be aware of when shopping for a mortgage!
By Ryan & Sheri MacDonald, Calgary Home Team
(Re/Max First)
When shopping for a mortgage most buyers are interested only in finding the lowest rate lenders can offer! While this is important, our advice is not to overlook the other mortgage features that could save you thousands of dollars and help you become mortgage free faster! The most important mortgage feature is the Payout Privilege that allows you to put an annual lump sum payment, or increase your monthly payment amount at any time during the term as long as the total doesn't exceed a certain percentage, usually between 10% to 20% of the principal owing. Portability: A portable mortgage is one that you could take with you when you move to a new home! This option allows you to avoid any payout penalty while maintaining your current rate (if the mortgage stays the same with no additio...
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