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Mortgage Mojo offer FREE Consultation, Prompt & Friendly Reply, Competitive Rates and Wide Selection of Products.
We can assist you on the government programs including:
First-time home buyers’ credit
RRSP home buyers’ plan (HBP)
5% down payment program*
HST new housing rebate
Land transfer tax rebates
*5% Down payment Policy Insight (as of February 2016):
This program is available for exceeding $500, 000 purchase price. Buyers are required to contribute 10% of the amount after the $500, 000.
For example: for a purchase price of $600, 000
5% on the first $500, 000 = $25, 000
10% on the next $100, 000 = $10, 000
Total of $25, 000 + $10, 000 = $35, 000
Portability
Portability offers several benefits:
– No Prepayment Penalty
With this clause, you can transfer your mortgage to your new property with being charged for a penalty.
– Keep the Good Rate
You can keep this attractive rate for your next purchase. No need to shop mortgage again.
– Save Fees
As you can transfer the mortgage, there is no need to obtain a new one. Therefore, you do not have to budget additional fees, such as appraisal fee, legal fee and others.
Variable Rates vs Fixed Rate
Variable rates are usually cheaper in the long run, but it is more challenging to manage the payments, because the interest rates fluctuate.
Fixed rates help you budget your payment easier, as every payment is exactly the same amount.
Which one really for you? Ask our friendly mortgage agents TODAY.
Closed vs Open
A closed mortgage allows limited lump-sum prepayments and usually come with a penalty for early payments. If you plan to pay off your mortgage as soon as possible, you might want to consider open mortgages. However, closed mortgage interest rates are usually cheaper than open mortgages.
An open mortgage can be paid off in full, at any time, with no penalty. However, interest rates are higher, with this extra flexibility.
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