August 16, 2018

The Devil In The Fine Print Of Mortgages

Mortgages sometimes have costly or irritating restrictions that you won’t know about unless you read the fine print, it’s not all about the interest rate. Restrictions on breaking your mortgage before the term is up Restrictions on breaking your mortgage for the first 3 years Interest rate differential penalties on fixed and variable rates Inability to port unless the purchase and sale take place on the exact same day A poor conversion rate guarantee No refinances during the first year Amortization limits of 25 years Minimum amortizations of 15-18 years Restrictions on converting from a variable rate to fixed rate…

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