Sentences with phrase «lender upon renewal»
Clients weren't being notified that they couldn't simply switch their mortgage to a new lender upon renewal.
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Anyone shopping for a mortgage or switching lenders upon renewal must prove they can handle payments which are the greater of (a) 5.34 % or (b) the rate offered by the bank, plus 2 %.
Not exact matches
Upon renewal or renegotiation, the borrower should also ask the lender whether, as an existing client, they qualify for any special or discounted rates.
Another key consideration relates to the nature of the terms and conditions that may be offered by the lender upon mortgage renewal or when re-negotiating during the current term (for example, if after some period of living in the home the borrower needs to increase the principal amount borrowed).
Another key consideration relates to the nature of the terms and conditions that may be offered by the lender upon mortgage renewal or when re-negotiating during the current term (for example, if after some period of living in the home the borrower needs to increase the principal amount borrowed).
Upon renewal or renegotiation, the borrower should also ask the lender whether, as an existing client, they qualify for any special or discounted rates.
As a result, owners that today have a loan with an 85 percent loan - to - value ratio on a property appraised at $ 10 million may find that upon renewal the lender will only go 65 percent and lower the appraisal to $ 8 million.
This gives lenders less incentive to offer you their best mortgage rate upon renewal if they know you'll have trouble requalifying under the new, tougher stress test.