There
has been a lot of controversy lately over collateral mortgages since CBC's
report on TD. Although overall it is much more difficult to get out of one
of their mortgages, I am pleased to be able to offer another alternative. First National will now allow transfers
to them on collateral mortgages. They are Canada's largest non-bank lender and
offer exceptional rates and service.
Here is an example of what they could do for you:
AM: 32yrs
Rate: Best rate 3.09%.
$1,000 discharge capped into Mortgage.
Client pays remaining $4,000 of the discharge
Client pays legal fees
For more information on this excellent offer or for any mortgage questions, contact me today.
www.christinebuemann.com
For more information on collateral mortgages, please refer to my previous post http://christinebuemann.blogspot.ca/2013/01/what-are-collateral-loans-and-what-is.html
Here
are a few highlights to their program:
·
Your
current mortgage must be insured
·
You
are able to keep your current amortization (even if it is over 30 years) which
in turn keeps your payments low. It is important to note that if you were to
refinance, you would have a maximum amortization of 25 years
·
You
get Access
to First National’s best rates
·
Standard
documents and qualification will be required
·
$1,000
of the penalty/discharge from your current lender can be capped into the
mortgage
Here is an example of what they could do for you:
Current lender:
LTV: 92%
AM: 32yrs and 8 months
Rate: 4.25%
Registered: Re-advanceable
Discharge Penalty: $5,000
Straight Refinance to First National:
LTV:92%AM: 32yrs
Rate: Best rate 3.09%.
$1,000 discharge capped into Mortgage.
Client pays remaining $4,000 of the discharge
Client pays legal fees
How
do you know if your mortgage is a Running Account or not? If you go to Land
Titles @ https://www.bconline.gov.bc.ca/ you
can get the Form B for the mortgage. On page 2 you will see the below. This is
where you will find out how it was registered. If it is checked off as YES you
will need to do a refinance conventionally or a no new money refinance for
insured. If it is check off as NO you can do a Switch.
www.christinebuemann.com
For more information on collateral mortgages, please refer to my previous post http://christinebuemann.blogspot.ca/2013/01/what-are-collateral-loans-and-what-is.html
Comments
Post a Comment