John Lam
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Mortgages

    Mortgage Term Options
Fixed Rate Term
  • Lock in an interest rate for 6 months to 5 years; 7 years; or 10 years (CMHC insured only), with a flexible payment schedule.
Variable Rate Term
  • Your interest rate will fluctuate with bank prime rate. (Variable rate is the floating interest rate tied to bank prime rate).
Convertible Term
  • Allows you to lock into a longer term at any point of a six month term.
Open Term
  • A flexible term that allows you to repay at any time.
 
    Buyer notice: get to know about mortgages
There are a lot of mortgage options available in the market. It is very difficult for buyers to choose among them. All the mortgage options are not created equal, but there are a few things that you may want to know before you really pick one.

1) Introductory teaser rates
  • Although introductory rates may seem really attractive, be sure to do your own homework with a mortgage calculator. Often they raise to a higher level later in your term and make you pay more in the long run.

2) Prepayment restrictions and penalties
  • Many mortgagors don't allow you to pay any more than your required monthly payment, while some mortgage plans allow that to be flexible. For example, you can increase your monthly payments by a certain amount each year, on any regularly scheduled payment date with NO penalty.

3) Hidden fees
  • Be sure to ask if you are going to be charged any mortgage application, transfer or processing fees.

Call now John MK Lam  604-671-1818                                                           

 
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