Wondered if I could get a few words in while Caleigh's not here …
There’s been a lot of cheering about today’s low-interest mortgages and the resulting stimulus to the real estate market. This is great for almost everyone involved – but there are a few exceptions. I just wanted to give a heads up to anyone considering selling and not rebuying, or downsizing to reduce the size of your mortgage.
In essence, your lender will now have to 're-lend' the money you returned to them, but likely at a much lower rate than before. Therefore, they are charging what they call an Interest Rate Differential (IRD). In simplest terms this is the difference between the original rate and the current rate, calculated on the balance of the loan over the remaining term.
This could turn out to mean you have to pay a large chunk of money, so you might want to check it out yourself before you talk to your lender. Our favourite mortgage guy, Nick Lecuyer, sent me this link: http://www.calculatorz.com/united/earlyrenew.cgi. Keep in mind that this is just about informing yourself and doesn’t replace talking to a mortgage professional, so your next call should be to your lender or to Nick (705-252-6425).
If you are just 'porting' (or expanding) your existing mortgage from one house to another – RELAX – there should be no IRD fee charged. - Glenn
There’s been a lot of cheering about today’s low-interest mortgages and the resulting stimulus to the real estate market. This is great for almost everyone involved – but there are a few exceptions. I just wanted to give a heads up to anyone considering selling and not rebuying, or downsizing to reduce the size of your mortgage.
In essence, your lender will now have to 're-lend' the money you returned to them, but likely at a much lower rate than before. Therefore, they are charging what they call an Interest Rate Differential (IRD). In simplest terms this is the difference between the original rate and the current rate, calculated on the balance of the loan over the remaining term.
This could turn out to mean you have to pay a large chunk of money, so you might want to check it out yourself before you talk to your lender. Our favourite mortgage guy, Nick Lecuyer, sent me this link: http://www.calculatorz.com/united/earlyrenew.cgi. Keep in mind that this is just about informing yourself and doesn’t replace talking to a mortgage professional, so your next call should be to your lender or to Nick (705-252-6425).
If you are just 'porting' (or expanding) your existing mortgage from one house to another – RELAX – there should be no IRD fee charged. - Glenn
Hello Everybody,
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