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Example:Buyer A has a home with a $250,000 mortgage, at 4% interest a 5 year term and a 30 year amortization period. At the end of year 2, Buyer A must move to a new city due to a job change. Since the time of taking the original mortgage, prevailing interest rates have risen to 6%. Rather than taking a new mortgage, incurring prepayment penalties and higher interest rates, Buyer A’s mortgage has a portability feature.
1 Q- I- C' S9 |; t4 k: R$ Z6 KBuyer A transfers his mortgage, on its original terms, to the new property. The interest rate will remain at 4%, there will be no prepayment penalties and the mortgage term will have 3 years remaining. Buyer A will pay a few hundred dollars in bank fees for the privilege to transfer the mortgage./ u* U* `3 w& J% {9 n
* v! Y! g, o5 ^, RAdvantages of a Portable Mortgage
8 w$ Z' v3 \# cA portable mortgage feature has several advantages for the right homeowners. If a homeowner has locked in to a low rate when mortgage rates are low, but then has either the need or the desire to purchase another home, the low interest rate is retained.4 t8 ~5 J. `3 O2 L M9 d2 F
9 v0 |$ z4 N8 o3 LPrepayment penalties can be severe, up to 3 monthly payments or the cost of increased interest in the remaining term of the mortgage. These amounts can equal several thousands of dollars.
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In addition, many of the costs associated with obtaining a new mortgage might not be charged. However, you might expect an appraisal fee for the new property, as the mortgage lender must be assured that the loan-to-value ratio meets their requirements.
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At First Foundation, all of our mortgage products have portability features and we can explain their benefits when assessing your mortgage needs. |
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发表于 2012-3-16 15:26
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