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IP-Profiler - Other Banking Services
Mortgages

Today's investor has no shortage of investment options to choose from. We believe so strongly in our mission to make money management easy for our clients that we went and had it registered as our Trade Mark - Money Management Made EasyŽ.

We want you to profit from our research. This section provides a base reference source of investment products in a simple format. The information outlined below is provided to give an overall illustration of parameters that may be in effect for this investment product.

Investment Product 
P r o f i l e r: 
Mortgages
Questions to Ask: Answers you may find:
First Mortgage Type/Term: Closed 6 months, 1 - 5 years.
Fixed Rate Open 6 months, 1 or 2 years.
Variable Rate Open 6 months, 1 or 2 years.
"Open" Periods in a Fixed Term Mortgage (excluding NHA): Yes. Example: A 5 yr term after 3 years with no replacement mortgage- a fee of 3 months interest on IRD.
Convertible features - Does feature appear in document: Yes, available to borrower who currently has a 6 month closed mortgage. To convert to a new fixed rate closed term mortgage of 1 year or longer; No administration fee.
Pre-approval: Yes
Second Mortgages: Yes
Refinance using an amendment agreement: Yes, 80% of appraised value less amount of mortgage owed if property other than acreage, condominium or revenue property, otherwise 75%.
Amortization Period: Up to 25 years
Appraisal Fee: $125.00 - $200.00 (Approximately)
Commitment Period - Existing: 90 days
Renewals: 30 days (handled by the branch)
New Construction: 120 days
Switch In: 90 days
Refinance: 90 days
Pre-approval: 90 days
Any rate drop automatic / fee: No
When is final rate set: Date the funds are advanced.
Interest Adjustment Date: On 1st of the month, not more than 60 days after possession of mortgaged property or new construction completion.
Interest adjustment deducted from advance: No, if funds are disbursed on interest adjustment date.
Gross and/or Total Debt Service Ratios: Gross - 30%
Total - 40%
Annual Percentage Prepayment: Open mortgages; any amount any time.
Closed mortgages; up to 20% of original mortgage amount, once per calendar year several payments during the year that do not exceed 20% of original mortgage amount.
Skip payment option: Not offered
Prepayment Cumulative: Yes (see "Annual Percentage Prepayment")
When does privilege begin: N/A
Monthly Payment Increase: Open mortgages; any amount any time. Closed mortgages; lump sum of up to 20% of original mortgage amount, once per calendar year.
Renewal Before Maturity / Fee: Yes, on open or closed mortgages once per calendar year - No fee
Subsequent early renewals, $85.00 fee each renewal.
Renewal Fee at Maturity: No
Automatic Renewal: No - Mortgage renewal agreement must be signed.
Portable Mortgage/Fee: Yes - No fee
Portability written into Mortgage document: Yes
Payment Choices: Monthly, semi-monthly, bi-weekly, weekly.
How are weekly & bi-weekly payments calculated: Monthly multiplied by 12 and divided by 52 for weekly, or divided by 26 for bi-weekly.
Fee to change Payment Option: No
Finders Fee: No
Discharge Fee:
(where applicable)
No
Cost of early payout: Interest rate differential or 3 months interest, whichever is lower.
Statement / Fee: Yes, upon request - No fee.
Mortgage Life Insurance: Offered by The Life Insurance Co. (optional)
Mortgage Disability: Offered by The Life Insurance Co. (optional)
Property Tax Account: Yes
Overdraft Rate: Current interest rates
Mortgage Assumption / Fee: Yes - $65.00
Transfer In Fee: Yes - $55.00
Transfer Out Fee: Interest rate differential
Reimbursement of transfer out fee paid to customer by new lender: No

Data extracted from The Fiscal Reports -Mortgages , Report # 7 and provided as a generic product illustration only - issuers of such products may have some, but not all of the features shown below.

 





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