本文发表在 rolia.net 枫下论坛Here below is the snippet from the mortgage agreement.....
Prepayments:
Where the mortgage is on a property with a residential dwelling containing not more than four living units or is on a single residential condo/strata unit, when not in default of any of the terms, covernants, conditions or provisions contained in the mortgage, you may prepay all or any part of the principal amount (minimum 100$) at any time without notice, bonus or penalty. In each calendar year, you may increse the amount of your regular principal and interest payment without penalty. The totla of these increases during the term of your mortgage may not exceed one hundred percent (100%) of the amount of the original regular mortgage payment payable under the mortgage.
The mortgage is convertible at any time to any of our then offered mortgage options.
Here below is my questions, pls help....
Q1> what does it mean by "four living units"? say if i buy a 3-bedroom house with a finished basement which has a bedroom and a living room, how many living units does it have?
Q2> prepayment is up to 100% of the amount of the original regular mortgage payment, does it mean 100% of the yearly payment or 100% total mortgage I owe?
Q3> the broker told me it's 5-year OPEN mortgage, that means I can pay it off at any time, quit from this mortgage or make any amount prepayment, from the snippet above, does it give this information? (cus in the agreement I have never seen any wording like "OPEN"... does this snippet hints it's an open mortgage?)
Thanks.更多精彩文章及讨论，请光临枫下论坛 rolia.net
Prepayments:
Where the mortgage is on a property with a residential dwelling containing not more than four living units or is on a single residential condo/strata unit, when not in default of any of the terms, covernants, conditions or provisions contained in the mortgage, you may prepay all or any part of the principal amount (minimum 100$) at any time without notice, bonus or penalty. In each calendar year, you may increse the amount of your regular principal and interest payment without penalty. The totla of these increases during the term of your mortgage may not exceed one hundred percent (100%) of the amount of the original regular mortgage payment payable under the mortgage.
The mortgage is convertible at any time to any of our then offered mortgage options.
Here below is my questions, pls help....
Q1> what does it mean by "four living units"? say if i buy a 3-bedroom house with a finished basement which has a bedroom and a living room, how many living units does it have?
Q2> prepayment is up to 100% of the amount of the original regular mortgage payment, does it mean 100% of the yearly payment or 100% total mortgage I owe?
Q3> the broker told me it's 5-year OPEN mortgage, that means I can pay it off at any time, quit from this mortgage or make any amount prepayment, from the snippet above, does it give this information? (cus in the agreement I have never seen any wording like "OPEN"... does this snippet hints it's an open mortgage?)
Thanks.更多精彩文章及讨论，请光临枫下论坛 rolia.net