forgotten in the shuffle of a busy life

Today's quick article is on questions.

Sometimes we forget to take the time to engage in conversation that in the long run will help determine the proper course of action to take.

But what do i ask to determine this?

Are you not the professional and meant to do this for me?

Yes I am. But in today's world with google and yelp and YouTube an Twitter, why not do some research and question everything. There is no such thing as a dumb question.

These are questions that are important to ask your mortgage professional when looking at a massive debt, as that is what most young people face today when buying a home.

These questions are meant to strike up conversation and in no way put anyone on the defensive.

As always, a caveat with any advice I put on here - it is in no way meant to replace or even challenge the advice you would seek from Legal counsel.

Is the mortgage automatically renewable when it matures, or will I have to re-qualify?

Can I "skip" a mortgage payment?

If I have "doubled up" on a mortgage payment, can I "skip" a payment at a later date?

Can I pay my property taxes directly or do I have to pay them through the lender?

Is there any outstanding tax due on the property?

Can I sell the mortgage along with the house?

Is the prepayment amount based on the original amount, the current payment or the outstanding balance?

Can the monthly payment be reduced after it has been increased? If so, how?

Can I take the mortgage with me when I sell the house?

Who decides if my mortgage allows a prepayment?

When selling my house, what will the penalty be if the buyer is not allowed to assume the mortgage?

Will the full mortgage amount be forwarded on closing or is the adjustment date used?

What is the amount in interest I pay between when it closes and my first payment date?

How often can the mortgage be prepaid?

If I get an inheritance or have a chunk of money to put down on the mortgage, what is the penalty and  how is it calculated if I go over the 15% prepayment option?

How long is the interest rate guaranteed before closing?

Is there any cost?

Will I get the benefit of a lower interest rate if rates drop?

Am I supposed to keep an eye on the rates or do you?

When will the rate be set?

If it increases between now and closing, does my rate go up?

Can I convert an open mortgage to longer fixed term?

What does this cost?

What type can I convert to?

 Are there any fees associated with conversion?

Is the "early renewal" feature offered?

As I have mentioned in many articles in the past, there should always be a game plan to pay off the mortgage. One should never undertake a debt without a plan to put it simply.

Yes home ownership is something to strive for, but make it purposeful and rewarding instead of a constant stress. It should be a place to come home and relax not the polar opposite.

Ask these questions to your professional and engage in the conversation that pursues.

check out my web page for links to articles and sites that help first time home buyers make sure they get the right product for their situation   www.kevynoyhenart.ca


Until tomorrow...

Kevyn