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All in One Mortgage Products

As we near the end of summer, I hope you had a chance to take some moments for yourself.  I trust everyone had a chance to enjoy some sunshine and warm weather!

Question: Would the idea of having more that ONE option in your mortgage be attractive to you? Let me explain a bit... What if you were torn between the idea of having a "floating rate" (much like a variable rate offers), and having the security of a "fixed rate"?  What if you could have both?  Better yet - what if you could have both, AND a line of credit attached to the SAME mortgage?

There are a couple of lenders that now offer one mortgage product, but allow you to break up into the pieces that fit for you.  Let's look at an example:

Let's say...

Your House Value

$350,000

Mortgage balance left owing $295,000

 

 

1. You like the idea of having a floating rate that has an interest rate of .85% under the prime rate of Canada (currently 6.00% as of September 2006).  You take half of what's left owing on your mortgage ($147, 500) and place it into a VARIABLE RATE mortgage - a five year term.

VARIABLE RATE of .85% BELOW PRIME:  $147,500

(Remembering that you have the ability to lock that mortgage into a fixed rate term at anytime without penalty, you establish the first part of your "All in one mortgage".)

 

2.  You take the other half left owing and place in into a FIXED RATE mortgage for the current rate of 5.30% for a three year term.

FIXED RATE of 5.30%:  $147,500

 

3.  You can now go up to 90% of the value of your home and use that toward a revolving line of credit!

LINE OF CREDIT AVAILABLE:  $20,000

(available in "interest only payments")

(90% of your house value is $315,000 minus your mortgage left owing of %295,000 = $20,000)


How you break it up, is up to you!  This product is ideal for the individual who needs to lower-cost funds for renovations, investments - purchase another property, tuition, or debt consolidation.  This product is subject to qualifying.  Think this is something that might suit your needs - just let us know and we'll talk it over with you!

 

 

 

Sincerely,,

DAN MASS, AMP Broker/Agent


Canada First Mortgage

direct: 403.294.0033  cell: 403.710.1505 fax: 1-866-902-4910
email: dan@canadafirstmortgage.com

website: www.canadafirstmortgage.com

193 McKenzie Towne Gate SE Calgary, Alberta, Canada  T2Z 4G2

 

 

October 2006


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