FAQ

Please click on any question to reveal the answers. Question 1-   At the end of the term of my mortgage is the lender obligated to renew my mortgage? Question 2-   Does a lender charge a renewal fee? Question 3-   Should I take a short-term mortgage or a long-term mortgage? Question 4-   What is amortization? And what is the best amortization period to seek? Question 5-   What is a fixed rate mortgage? Question 6-   What is a variable interest rate mortgage? Question 7-   What can I do if I have variable interest rate mortgage and interest rates start to rise? Question 8-   What is an open mortgage? Question 9-   What is a closed mortgage? Question 10-   Is there ever a good time to break my closed mortgage and pay the prepayment penalties? Question 11-   Are there always penalties when I switch my mortgage to another lender? Question 12-   If I see a dramatic change with a higher interest rate posted by banks should I immediately lock in? Question 13-   It is possible to negotiate a mortgage rate? Question 14-   O.K. so there are many reasons to work with an expert on our next mortgage, but what does that cost? Question 15-   Are there any other reasons to work with a Mortgage Expert? Question 16-   What is a high ratio or insured mortgage? Question 17-   When making a mortgage payment is it better to pay weekly, or monthly? Question 18-   Is it important to insure my mortgage with life insurance and disability insurance? Question 19-   Well, would it not be easier to buy my insurance direct from the bank when I obtain my mortgage? Question 20-   If I have extra cash should I pay off my mortgage or buy a RSP? Question 21-   Does it make sense at my next mortgage renewal to increase my loan amount to buy RSPs? Question 22-   I have a 5 year term with my mortgage what does this mean? Question 23-   What is my Fortune?