Investment
Product
P r o f i l e r: |
Mortgages |
| Questions
to Ask: |
Answers
you may find: |
| First
Mortgage Type/Term: |
Closed 6 months, 1 - 5 years.
Fixed Rate Open 6 months, 1 or 2 years.
Variable Rate Open 6 months, 1 or 2 years. |
| "Open"
Periods in a Fixed Term Mortgage (excluding NHA): |
Yes. Example: A 5 yr term after 3 years with no replacement mortgage-
a fee of 3 months interest on IRD. |
| Convertible
features - Does feature appear in document: |
Yes, available to borrower who currently has a 6 month closed mortgage.
To convert to a new fixed rate closed term mortgage of 1 year or longer;
No administration fee. |
| Pre-approval: |
Yes |
| Second
Mortgages: |
Yes |
| Refinance
using an amendment agreement: |
Yes, 80% of appraised value less amount of mortgage owed if property
other than acreage, condominium or revenue property, otherwise 75%.
|
| Amortization
Period: |
Up to 25 years |
| Appraisal
Fee: |
$125.00 - $200.00 (Approximately) |
| Commitment
Period - Existing: |
90
days |
|
Renewals: |
30
days (handled by the branch) |
| New
Construction: |
120
days |
| Switch
In: |
90
days |
| Refinance:
|
90
days |
| Pre-approval:
|
90
days |
| Any
rate drop automatic / fee: |
No |
| When
is final rate set: |
Date the funds are advanced. |
| Interest
Adjustment Date: |
On 1st of the month, not more than 60 days after possession of mortgaged
property or new construction completion. |
| Interest
adjustment deducted from advance: |
No, if funds are disbursed on interest adjustment date. |
| Gross
and/or Total Debt Service Ratios: |
Gross - 30%
Total - 40% |
| Annual
Percentage Prepayment: |
Open mortgages; any amount any time.
Closed mortgages; up to 20% of original mortgage amount, once per
calendar year several payments during the year that do not exceed
20% of original mortgage amount. |
| Skip
payment option: |
Not offered |
| Prepayment
Cumulative: |
Yes (see "Annual Percentage Prepayment") |
| When
does privilege begin: |
N/A |
| Monthly
Payment Increase: |
Open mortgages; any amount any time. Closed mortgages; lump sum of
up to 20% of original mortgage amount, once per calendar year. |
| Renewal
Before Maturity / Fee: |
Yes, on open or closed mortgages once per calendar year - No fee
Subsequent early renewals, $85.00 fee each renewal. |
| Renewal
Fee at Maturity: |
No |
| Automatic
Renewal: |
No - Mortgage renewal agreement must be signed. |
| Portable
Mortgage/Fee: |
Yes - No fee |
| Portability
written into Mortgage document: |
Yes |
| Payment
Choices: |
Monthly, semi-monthly, bi-weekly, weekly. |
| How
are weekly & bi-weekly payments calculated: |
Monthly multiplied by 12 and divided by 52 for weekly, or divided
by 26 for bi-weekly. |
| Fee
to change Payment Option: |
No |
| Finders
Fee: |
No |
Discharge
Fee:
(where applicable) |
No |
| Cost
of early payout: |
Interest rate differential or 3 months interest, whichever is lower.
|
| Statement
/ Fee: |
Yes, upon request - No fee. |
| Mortgage
Life Insurance: |
Offered by The Life Insurance Co. (optional) |
| Mortgage
Disability: |
Offered by The Life Insurance Co. (optional) |
| Property
Tax Account: |
Yes |
|
Overdraft Rate: |
Current interest rates |
| Mortgage
Assumption / Fee: |
Yes - $65.00 |
| Transfer
In Fee: |
Yes - $55.00 |
| Transfer
Out Fee: |
Interest rate differential |
| Reimbursement
of transfer out fee paid to customer by new lender: |
No |
IP-Profiler - Other Banking Services
