Hello, I did a calculation based on your details above. The difference in monthly payment is $62 per month based on 5 year term that is a savings of $3720... But the savings does not stop there. The remaining mortgage balance at the end of the 5 year term is different for both rates, the difference is an additional savings of $1610. So a total savings of $5330! As for the penalty to break with your bank they are the best source of info for this. Give your branch a call and ask them what is the penalty if I pay off my mortgage completely in 30 days from today. That number should be less than the savings you see above. For other readers if your interest rate is higher than the 3.6% you see in this question then the savings is higher as well. I switched a mortgage for a client who had a higher mortgage balance and was at 5.7% interest rate (the rate at the time 3 years ago) He was quoted a penalty of $13,000 to break from his bank, after doing the calculations he did break and pay the penalty because he saved $33,000 over the next 2 years in interest. He almost tripled his initial penalty. There is no investment product that can return this kind of money into your pocket short of loan sharking!! The proof is in the numbers so I encourage anybody who is interested in at least looking into this please give me a call I can do the analysis and send you info for you to decide for yourself. It is not common knowledge so I must mention that at the end of the 25-30-35 year amortization of your mortgage you will end up paying double the amount or your original mortgage balance back to the bank in interest. I can help you find ways to minimize that, give me a call today. Abraham Niyazi - Mortgage Agent - Lic#M08010640 - Centum One FInancial Corp - Lic 10758. Cell: 416-993-4082 Toll Free: 1-866-728-3708 x 115 http://www.centum.ca/abraham_niyazi/ I deal with 25 Banks/Lenders and can do mortgages across Canada except Quebec.

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I applied for a mortgage about 6 months ago and got approved under certain stipulations. the mortgage company forced me to take out extra money to pay for a "warranty" on all my home appliances. my water heater started leaking last night and i called them ,they told me to call the warranty company and now the warranty company says they will not cover it. the funny thing is, the woman i talked to at the mortgage company talks too much and informed me that she was not using this warranty company anymore because they had way too many complaints on them. also i was forced to pay for 4000 dollars worth of "repairs" to my home when the loan was taken out (added to the original loan amount also). i have worked many years in construction,my father has ran his own construction business for 25 years so i know about how much money is involved with what the company hired by my mortgage company did would cost and it doesnt even come close. maybe 250 dollars worth of work. legal recourse? some things i didnt have room to post! the woman i talked to at the finance company told me i could get my money back that i paid the "warranty" company, of course from the "warranty" company not the mortgage company. but shouldnt i ask for it back from the mortgage company and all of the interest or fees i will be charged for that amount also? seems like a breach of contract or something, to me, so do the "repairs" i am paying monthly on with interest! the repairs were supposed to be new attic door,new steps, new crawlspace door,silicone around the roof screws (metal roof) , paint all the trim and new trim in some spots. i paid 3925.00 for this.here is what i got- new attic door! four six foot pine boards nailed down on top of the old steps that were there already, handmade crawlspace door from presswood, nobody ever got up on my roof i know because i work from home.one 2 foot length of trim, trim spray painted without being sanded or stripped, paint is already peeling.250 maybe!

Check with your insurance company to see what is covered in your home. Look at the papers that you signed, or ask to see a copy of that specific document that says it's not covered. If you need to buy a new water heater, or fix the old one, I would think your father should know how. Being forced to pay for repairs, unless the property is not structurally stable, sounds fishy. Check with a lawyer before proceeding further.

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Hubby and i will be inheriting a house from grandma and, well, it's stuck in 1953. everything is original to the house, including the appliances, rugs, etc. since we will be lucky enough to not worry about rehab costs on top of a mortgage, we will be able to spend a decent amount of money on the house. however, it will also require dormers being added to the attic, and all that fun stuff. i figure we will spend about 20k-25k on a kitchen, not including demo. is that a reasonable price to get a kitchen at lowes/home depot? we want wood cabinets, stone tile floors and natural stone counters. the kitchen is a moderate size, and a dining room table will have to fit, so we won't be doing an island. just your typical l-shape. have you bought from lowes/home depot and had them install? how did you feel about the materials and the service? is this a reasonable budget? it would also include appliances of a low to mid-range price. is that too much money budgeted? thanks!

You get what you pay for at the big box stores, JUNK, over priced trash, there insallers are every day Joe,s that have contracts with them Go to a good cabinet maker where you live you will get a better price and custom cabinets, and someone with pride in there work Stay away from knock down cabinets, you get what you pay for WHY BY JUNK, I,ve had to redo some of these guys soddy work.

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My husband and i are buying our first home which is currently being built. we have a washer/dryer and refrigerator from where we used to live but i was wondering what normally comes with the new home. do we get a choice of color or will that cost extra? also, if we choose to upgrade, will we have to pay for that up front or can we add it to our mortgage?

Go to the model home and look at the appliances there usually it has label as standard features or upgraded features. If it say standard feature then it's included in the price. Usually built-in appliances are included but not refrigerator, washer/dryer. You will have a chance to choose the wall color and carpet with premium pay. If you would like to add the upgrade to the mortgage, it need to be stated on the contract with a higher purchase price. For example, the purchase price may be $100K plus upgrade $10K so the new purchase price will be $110K on the contract and an addendum stated that builder will include a $10K upgrade to buyer. Otherwise you'll have to pay out of your pocket.