FOCUS MORTGAGE SOLUTIONS a Trusted REGINA MORTGAGE expert shares a Trusted Tip : Low interest rates are GREAT..or are they?

posted by Trusted Regina | March 12, 2012 13:07 Getting a mortgage can be a stressful experience, especially if you have your heart set on your dream home and are anxious about your application being approved. Focus Mortgage Solutions do things just a little bit differently than their competitorsÉhere is the owner Jason DornstauderÕs latest Trusted Tip as a REGINA MORTGAGE EXPERT, as always it in his own entertaining words and style: CHEAP MORTGAGE RATES..are they all they are cracked up to be? I would like to share a mortgage tip with you É.with all the Ò2.99Ó 5 year mortgages that are being offered by banksÉpeople are getting to eager thinking that the rate is all that makes up their mortgage. The truth is, they are doing more damage than they could imagine! Most people donÕt realize the following: 1. The prepayment privileges are reduced from 20% to 10%. 2. The prepayment frequency is only a 10% increase to their monthly mortgage payment and a lump sum can only occur on the anniversary dateÉnot a day early and not a day late. 3. The lender ÒhandcuffsÓ the client with a clause that only permits the mortgage can be paid out if the client sells their home. 4. The lender has no obligation to renew or refinance the client for the entire term of the mortgage Ð and if a client should be late on their mortgage Ð the privileges they have (even though quite restricted) can be taken away. We call these mortgages, ÒMouse TrapÓ mortgages. The banks are cashing in on them because they offer a great piece of cheese and the public has no idea exactly what they are in for until itÕs too late! Most people only carry their mortgage for a 3 year periodÉand the banks know this Ð so handcuffing them for 5 years gives the banks more control over the client. There are too many people that are being hoodwinkedÉitÕs like buying cheap gasÉeventually you ruin your engine! Cheers! Jason DonÕt forget we have a mortgage for EVERYONE! Jason Dornstauder AMP (Mortgage Broker Lic: 315761) FOCUS Mortgage Solutions (Mortgage Brokerage License 315760) You can Find Jason and the FOCUS Mortgage Solutions Team (Mortgage Brokerage License 315760) online at , at 104 Ð 438 Victoria Avenue Regina,or check out their listing on TRUSTED in the REGINA MORTGAGE category Éthey are your REGINA MORTGAGE EXPERTS!