Sentences with phrase «variable mortgage penalty»

On the other hand a variable mortgage penalty is usually simple: the total of 3 months of interest (obviously this is higher the more money is owing and the higher the rate).

Not exact matches

The reality is that they cost more, have huge penalties and are less flexible than variable, shorter term mortgages.

When the statistics show on average you'll save money going variable instead of fixed and that there is a smaller penalty for breaking your mortgage the shorter the term.

The nice thing about a variable rate mortgage is that the penalty will be 3 months interest.

And it is sometimes not enough to analyze the new mortgage loan variables for refinancing, the previous mortgage loan about to be refinanced may also require additional costs due to prepayment penalty fees, etc..

A variable mortgage would give me the option to lock in a fixed rate at any time without penalty.

With a variable rate mortgage, a typical penalty is 3 months of interest based on the current amount owing.

This term allows you to convert into a fixed rate mortgage at a later date without penalty; however it also comes with a higher interest rate than is available on most of RMG's fixed and variable rate terms.

Typically, if a homeowner breaks their variable rate mortgage, the penalty is equivalent to three - months» interest.

You know a variable rate mortgage is likely the best option for you if you are content with irregular monthly payments when prime rates move and if you need a mortgage you can break without penalties after three years of the term has elapsed.

That's where a powerful calculator from RateSuperMarket.ca comes in — it works with both variable rate mortgages (where the penalty is typically the equivalent of three months interest) as well as fixed rate mortgages (where the calculation can be quite complex, and quite expensive).

If she has a variable rate mortgage, the prepayment penalty will be negligible but if it's a fixed, closed mortgage, the penalty could be as much as $ 25,000.

These loans are similar to a variable - rate mortgage in that the rate is based on prime and can fluctuate, but with a SLOC, you can pay off the loan faster without penalty.

This term allows you to convert into a fixed rate mortgage at a later date without penalty; however it also comes with a higher interest rate than is available on most of MCAP's fixed and variable rate terms.

The penalties for a fixed mortgage are usually quite steep compared to a variable mortgage.

If you plan on selling in the near future or want the flexibility of paying off the entire mortgage without penalty, an open, variable rate mortgage might make more sense.

A variable mortgages makes sense if you might sell in the near future (lower penalty) and rates are low.

If they choose to sell before the maturity date the penalty on a variable mortgage is only 3 months interest

I reduced all debt so got variable mortgage rate and via monolender so penalty to break mortgage is minimal and very low rate.

For a variable rate mortgage, the penalties equate to three months worth of mortgage payments, plus a discharge fee of $ 200 to $ 600, depending on the lender.

I just recently got a Variable - Closed mortgage through Industrial Alliance this year, and my lawyer said that if I «break» my mortgage I will be only paying a penalty.

If your lawyer is telling you that the penalty is 3 months, then I wouldn't argue... However, I also read the fine print and couldn't really see what the penalty is for Variable rate mortgages at Industrial Alliance... I've made an inquire with Industrial Alliance and awaiting their response.

If you have a variable - rate mortgage, you will be charged a penalty that's equivalent to three months of mortgage payments, plus administrative fees.

Prepayment penalty for Variable Mortgage Rates is 3 months interest only.

There are penalties for breaking both fixed - and variable - rate mortgages, but the penalties for breaking a variable mortgage are usually much lower.

Canada's National Housing Act mandates that for variable - rate mortgages, the penalty is always equivalent to three months» interest.

If they choose to sell before the maturity date, the penalty on a variable mortgage is only three months interest

Keep in mind the penalty to prepay (i.e. refinance or sale of property) a variable early is ~ 0.50 % of the mortgage balance, whereas if in a (4yr / 5 yr or longer) fixed rate mortgage the penalty can be closer to 4.5 % of the mortgage balance *** depending upon which specific lender you are with and how long of a term you lock in for.

So, you already mentioned the case of somebody who has a fixed - rate mortgage, there's still three more years to run on it but with your app it might tell me interest rates have gone down and it's still better for me to get a different mortgage, pay the penalties, the interest rates will be lower, it'll help me, does that thought process change at all when I have a variable interest rate mortgage?

If you are currently in a variable rate mortgage, your penalty will be equal to 3 months interest.