There`s a neat product that was introduced a short time ago that I think is interesting and could be an option for some.
It is a variable product, however, payments are based on the current 3 year term (3.99%) and if prime continued to rise over the length of the term, you would be capped at the 3.99%
At the forefront prime is currently at 3%, so the extra payments will go directly to principal which in turn saves you a ton in interest and pays down your mortgage much sooner. With the predictions of variable not moving upwards in the near future, this is a good forced savings plan.
This product is eligible for purchase at any loan to value up to 95%, refinances and transfer in.
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