What Does it Mean? Is it Right for You?
So you’ve noticed the amazingly low mortgage rate on the front page and you’re wondering to yourself, “what’s the catch”? Then you see the caption 30-Day No Frills. “Ahhh that’s where they get you…but what does it mean?”
We’ll we’re happy to see you determined folks here to find out more, not ready to lose out on such a great rate until you know exactly what it’s about and if it will work for you.
The simplest answer, call us. Every individual and every situation is unique. While the rate is low, the features of the No Frills mortgage may not be right for you. The key is to match your needs versus preferences, and our mortgage coordinators will be upfront with you. If this one isn’t a perfect fit, we’ve got many other options to choose from.
The Coles Notes version, why pay more for features you don’t use? If you’re ready to complete your mortgage now and you only need up to 5% in prepayment every year, this mortgage has everything you’ll need. Most lenders provide ~20% lump sum prepayment every year – on an average $250,000 mortgage that’s $50,000 per year! I don’t know about you but I don’t have an extra $50,000 available every year, but our 5% prepayment will set you up with a $12,500 limit every year that you can use to pay down your mortgage and greatly reduce the amount of interest you’ll be paying!
* 5% payment increase privilege also applies as compared to a ~20% payment increase available on most regular rate mortgages.