Sunday
February 5, 2012
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Closed and Open Mortgages
Open Mortgage
An open mortgage allows you the flexibility to pay off some or all of the mortgage at any time, without a penalty. Interest rates are usually higher and are tied to the Bank Prime.
Closed or Fixed Mortgage
A closed or fixed mortgage offers you the security of locking in your interest rate for the term of your mortgage, so you know exactly how much principal and interest you will be paying on the mortgage during the term. Terms range from 6 months through to 10 years.
Many lenders will allow prepayments of up to 20% of the balance annually without a penalty. If the mortgage is paid off in it's entirety before the end of the term, most lenders will collect a fee of three months interest or charge the lost interest to the end of the term.
Private Lending Solutions
We can help out with all different lending needs, investments, rentals, and home ownership. For all your needs if its to close a quick deal or flip a home. We have Private Lenders ready to review your deal. For Saskatchewan Private lending and Alberta Private Lending call us.
To find out how you can make your
mortgage tax-deductible and pay your mortgage off ten years early,
please contact us for information.
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