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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 |
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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
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