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 Tracy Irwin, Mortgage Broker, The Mortgage Centre  You can find me at tirwinmortgages
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The Devil Is In the Fine Print
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Mortgages sometimes have costly and irritating restrictions that you won't know about unless you read the fine print or ask your mortgage broker! Watch for these: - Interest rate differential penalties that are based on bond yield calculation (this is a very costly method of calculating the interest rate differential penalty)
- Inability to transfer your mortgage to your new home unless the purchase and sale happen on the same day (which can be difficult to arrange)
- A poor conversion rate guarantee (especially important when converting your variable rate mortgage to a fixed rate option)
 - No refinancing opportunities within the 1st year (life isn't always predictable - who needs restrictions)
- Restrictions on breaking your mortgage before the term is up
- Restrictions on breaking your mortgage for the first 3 years and reinvestment fees on top of mortgage penalties
- No ability to break your "open" homeowners equity line of credit
- No lump-sum, annual payment increases or prepayments permitted
Last but not least, watch closely for restrictions that apply to cut-rate mortgages. Generally, the lower the rate, the more restrictions!
Let your accredited mortgage broker provide you with the freedom and peace of mind you deserve from your mortgage! - Excerpts from article published by Canadian Mortgage Trends
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