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IP-Profiler - Mortgages
Questions To Ask / Answers You May Find

Today's investor has no shortage of investment options to choose from. At Fiscal Agents we believe that an informed investor is our strongest asset and as such, our financial advisors have an open-door approach to the financial services marketplace. We can help guide you through many types of investments decisions.

We believed 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 Easy®.

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: 
Questions to Ask: Answers you may find:
First Mortgage Type/Term: Closed 6 months, 1 - 10 years.
Fixed Rate Open 6 months, 1 or 2 years.
Variable Rate Open 6 months, 1 or 5 years.
"Open" Periods in a Fixed Term Mortgage (excluding NHA): Yes. Example: In 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/no
Second Mortgages: Yes/no
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: Varies
Commitment Period - Existing: 90 - 120 days
Renewals: 30 days (handled by the branch)
New Construction: 120 days, If builder financing package available 12 - 18 months
Switch In: 90 days
Refinance: 90 days
Pre-approval: 90 - 120 days
Any rate drop automatic / fee: No/Yes - depends on lender
When is final rate set: Date the funds are advanced or guaranteed.
Interest Adjustment Date: On 1st of the month, Interest is normally calculated from the closing date to the First of the following month or interest payment date. i.e.: weekly or bi-monthly
Interest adjustment deducted from advance: Yes/ No, if funds are disbursed on interest adjustment date.
Gross and/or Total Debt Service Ratios: Gross - 32%
Total - 40%
Annual Percentage Prepayment: Open mortgages; any amount any time.
Closed mortgages; range from 10% - 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, or 1/12th on each payment on an on going basis.
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. No response, then automatically renewed for 6 months -Open
Portable Mortgage/Fee: Yes - No fee
Portability written into Mortgage document: Yes/No
Payment Choices: Monthly, semi-monthly, bi-weekly, weekly.
How are weekly & bi-weekly payments calculated: Monthly divided by 4 for weekly, or divided by 2 for bi-weekly, or annual divided by 52 for weekly or by 26 for bi-monthly.
Fee to change Payment Option: No/Yes
Finders Fee: No/Yes
Discharge Fee:
(where applicable)
Yes. No in Alberta
Cost of early payout: Interest rate differential or 3 months interest, whichever is higher
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:
  Overdraft Rate: At current loan or mortgage interest rates
Mortgage Assumption / Fee: Yes - $65.00
Transfer In Fee: None.
Transfer Out Fee: $75 - 125 plus discharge fee and if applicable, Interest rate differential
Reimbursement of transfer out fee paid to customer by new lender: No

The Fiscal IP-P r o f i l e r Reports
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