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 - 10 years.
Fixed Rate Open 6 months, 1 or 2 years.
Variable Rate Open 6 months, 1 or 5 years. |
| "Open"
Periods in a Fixed Term Mortgage (excluding NHA): |
Yes.
Example: In 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/no
|
| Second
Mortgages: |
Yes/no
|
| 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: |
Varies
|
| Commitment
Period - Existing: |
90
- 120 days |
|
Renewals: |
30
days (handled by the branch) |
| New
Construction: |
120
days, If builder financing package available 12 - 18 months |
| Switch
In: |
90
days |
| Refinance:
|
90
days |
| Pre-approval:
|
90
- 120 days |
| Any
rate drop automatic / fee: |
No/Yes
- depends on lender |
| When
is final rate set: |
Date
the funds are advanced or guaranteed. |
| Interest
Adjustment Date: |
On
1st of the month, Interest is normally calculated from the closing
date to the First of the following month or interest payment date.
i.e.: weekly or bi-monthly |
| Interest
adjustment deducted from advance: |
Yes/
No, if funds are disbursed on interest adjustment date. |
| Gross
and/or Total Debt Service Ratios: |
Gross
- 32%
Total - 40% |
| Annual
Percentage Prepayment: |
Open
mortgages; any amount any time.
Closed mortgages; range from 10% - 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, or 1/12th
on each payment on an on going basis. |
| 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. No response, then automatically
renewed for 6 months -Open |
| Portable
Mortgage/Fee: |
Yes
- No fee |
| Portability
written into Mortgage document: |
Yes/No |
| Payment
Choices: |
Monthly,
semi-monthly, bi-weekly, weekly. |
| How
are weekly & bi-weekly payments calculated: |
Monthly
divided by 4 for weekly, or divided by 2 for bi-weekly, or annual
divided by 52 for weekly or by 26 for bi-monthly. |
| Fee
to change Payment Option: |
No/Yes
|
| Finders
Fee: |
No/Yes
|
Discharge
Fee:
(where applicable) |
Yes.
No in Alberta |
| Cost
of early payout: |
Interest
rate differential or 3 months interest, whichever is higher |
| 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: |
At
current loan or mortgage interest rates |
| Mortgage
Assumption / Fee: |
Yes
- $65.00 |
| Transfer
In Fee: |
None. |
| Transfer
Out Fee: |
$75
- 125 plus discharge fee and if applicable, Interest rate differential
|
| Reimbursement
of transfer out fee paid to customer by new lender: |
No
|
IP-Profiler - Mortgages
