Brought a House : Next steps.

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lemon925
Member since: May 15

Posts: 202
Location: Toronto
Post ID: #PID

Posted on: 23-03-17 15:26:29

Congratulations Fido..
May the new house brings health happiness and prosperity into your life..

About mortgage rate..

If difference is less than .30 than I would go with fixed, else variable..
Key things to check..
In case you break the term.. how much penalty you need to pay.
Can you increase the mortgage installment each year(normally with banks you can increase by 10%)
Can you do lump-sum payment every year(normally with banks you can pay 10% towards principal).

If there is not much difference in rate, I prefer bank over other Lenders..

Contributors: Fido(7) Full House(4) febpreet(3) Canada_Ka_Bhikari(3) RBO(2) meitsme(2) lemon925(1) Garvo Gujarati(1) hchheda(1) live in Present(1) GlobalIndian(1) Delhite(1) sudesingh(1) northyork_desi(1)

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