Experts Questions and Answers


Cory Kline, AMP
Mortgage Agent
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I currently own a home that we will be selling shortly. Our mortgage now is with scotia. I still have 3 years left. If I sell my house now and pay off the mortgage and keep the new house we buy with them they will give me a blended rate of 4.84%, If I moved my business will I have to pay a penalty when we pay off the existing mortgage and close.

Posted by Frances to Cory Kline, AMP  ::  Views (6013)

Frances, I have looked at 5 options for you. It does not appear that you could choose a mortgage term with our current rates, that would end up costing you less then your blended 4.84% mortgage. I looked at options using 3.29% for 3 years, and 3.69% for 5 years. If anyone tells you otherwise, I would highly suggest having me give you a second opinion on the savings before going forward with any other mortgage offer. The only way I would not take the 4.84% blended is... A) You plan on staying in the home for a long period of time, and would want the security of having a 10 year mortgage at 5.2% B) You currently have the need to open up your budget, and would benefit from an 3 yr apx. $1,050 monthly mortgage payment. ( But you will pay more in interest for either the protection or lower budget options )

Please feel free to email directly anytime.

Thanks, Cory


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