What happens Now?

 

We would get together to discuss all the terms and conditions of the mortgage.  In this step we would go over all the documents thoroughly and we would have you sign and initial them.  Because of my flexibility we could arrange a meeting at your house or at a place which is convenient for you.

• Some of the more important questions to ask;

  • What is the rate?

  • Is it a fixed rate or variable rate?

  • How long is the rate good for?

  • How long is mortgage amortized over?

  • Can I pay the mortgage out early?

  • What happens if I pay out my mortgage early?

    • What is the penalty?

    • What does IRD mean?

  • What are my pre-payment privileges?

    • Can I make a lump sum payment?

    • Can I increase my payments?

  • Can I make my payments weekly, bi-weekly, semi monthly,or monthly      

  • Can I transfer my mortgage if I decide to buy a new house?

  • Is my mortgage assumable and what is involved?