19 May

Breaking a closed mortgage can be costly: Roseman

General

Posted by: Drummond Team

Breaking a closed mortgage can be costly: Roseman

 
You can get a low mortgage rate by signing up for a five-year term. But you could be penalized for an early exit if your plans change.

Shutterstock

You can get a low mortgage rate by signing up for a five-year term. But you could be penalized for an early exit if your plans change.

Brian Hyytiainen bought a house and took out a five-year mortgage in 2011. Things have changed in his life, forcing him to put the house up for sale.

“I’m unable to continue to afford the house on my own,” he says. “I’d heard there would be a prepayment fee, but I had no idea the bank would take advantage of an already difficult situation and charge $13,000.”

 

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19 May

Get Your New Room Measurements in Writing

General

Posted by: Drummond Team

Get Your New Room Measurements in Writing

Bob Aaron in Legal, Home Buying, Condo Buying

Photo Courtesy: iStock.com

Where can I find the size of the condo unit I’m buying in the builder’s pre-construction contract?

I frequently get asked this question when I review builder offers with clients. In more than half the contracts I see, the sad answer is that there is no reference at all to room sizes or the area of the home.

A purchase agreement without a measured floor plan allows a builder to deliver a unit smaller than what was promised in the sales materials.

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