Week of January 30, 2012

When mortgage rates are at ultra-low levels, ten-year fixed rates become more appealing because they make trying to time your mortage term selection with future rate increases much less of an issue. That said, ten-years terms are not normally well priced - until last week that is…

3.84% Ten-year Closed Fixed-rate Product

• Prepayment Flexibility – borrowers can make addtional lump sum payments of up to 15% of their original balance throughout each year of their mortgage term and can also double-up every scheduled payment.
• Best Mortgage Penalty Terms Available - borrowers who need to break this mortgage early will be charged a penalty of three months interest or IRD using their "contract rate" (not the more expensive "posted rate" used by the Big Five and others - details).
• Additional Details - this rate can be held for 120 days and extended amortization periods are available.

Here is an illustration of what a $250,000 mortgage would look like using a 25 year amortization period:

To see what your mortgage payments would look like if jumped on this Deal of the Week, try my mortgage calculator. Also, if you want to learn more about the powerful impact making extra payments can have on the long-term cost of your mortgage, check out my post called The Magic of 5%. 

To ensure that you don't miss out on this offer, call or email me personally.

David Larock
(416) 304 0100