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10 year term rate for 3.99% mortgage oac? Why not?
ADVICE Author: Caroline Lennox
Come and get it!
Several lenders are still offering an incredibly low 10 year term rate of 3.99% closed on approved credit. And these mortgages are selling.
Here's what I like about them:
1. Rates are historically low, so locking in for 10 years on a term is a gift that will keep on giving once/if interest rates normalize over that same time period. The amortization might still be 25 or 30 as you choose, but the term is 10 years - meaning the rate etc. is not up for renewal for 10 years.
2. In the first years 1-5 of your term the penalty to pay the mortgage off early could be hefty if you are charged an interest differential, but in the following 6-10 years, lenders can only charge 3 months interest.
3. If you are in it for the long run, on a fixed income, can barely handle the payments, or retired, you get 10 years of contentment of historically low payments. And if you have the means and know-how, increasing your payments and making lump sum payments, as well as changing your payment schedule could help take a big bite out of the balance owing.
3. Some lenders may offer the option of porting your mortgage to new property, to avoid a big penalty, and you could possibly add a 2nd mortgage or secured line of credit behind the one you ported, if you are moving to a higher priced home and you quafly.
Are you super keen to take advantage of this opportunity? Apply now!
All these ideas are just talk...for illustration purposes only...if you want to know more, please call Caroline at 800-757-0412 or text her at 250-415-9555 to discuss what's going to work for you.
Call 1-800-757-0412
8 am to 8 pm Pacific Time, including weekends.
E & O.E. (Errors & Omissions Excluded)
O.A.C. on approved credi
Contact Information | Invis - Canada's Mortgage Experts |
|
| Name: |
Caroline Lennox
|
| Company: | Invis - Canada's Mortgage Experts |
| City: | Victoria |
| Province: | British Columbia |
| Country: | Canada |
| Phone: | 800-757-0412 |
| Email: | |
| Website: | http://www.clmortgages.com |
