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Low |
Fixed payments for a set period of time
Conservative
Budget conscious
No rate or payment fluctuations
Usually a first time homebuyer OR in the first third of your mortgage amortization (i.e. 1-10 years)
Have a minimum of 5% downpaymen
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Long Terms (3 - 10 years)
Fixed rates/payments
Closed mortgages
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Medium |
Fixed payments for a set period of time
Somewhat conservative
Will probably exercise prepayment privileges
Prefer a shorter term (i.e. market/ rate awareness)
No rate or payment fluctuations
Probably in the middle of your mortgage (i.e. 7-15 years)
Have some equity in your home (i.e. greater than 15%)
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Short Terms ( 1 - 3 years)
Fixed rates/payments
Closed mortgages
Adjustable/Variable rate Mortgages
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High |
High risk tolerance
Watch market trends
Want flexibility and options, i.e., option to pay down mortgage at any time, without penalty
Rate fluctuations
Payment fluctuations
Know how to capitalize on payment privileges
Have equity in your home - greater than 25%
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Short, open terms (6 - 12 months)
Variable rate mortgages
Fully open
Products related to Bank Prime
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