Diane Richardson

The help of a good professional is invaluable, just as I provide my services to you in buying and selling property Jodie Kristian of Mortgage Depot gives top service to her clients helping them get the financing they need to make their real estate dreams a reality.  Jodie has been my mortgage broker for the past 7 years and I can confidently recommend her to anyone who is navigating the ins and outs of mortgage financing.  Not only is Jodie very good at what she does, she is a pleasure to work with.

Jodie has been involved in processing mortgages since 1994, working initially in the fast paced conveyancing offices of a number of law firms. Since joining Mortgage Depot in 1998, she has applied her boundless energy and enthusiasm as a buyers advocate in obtaining the best rates and terms from the banks.

If you're new to mortgage financing review the basics below and then contact Jodie, there really is nothing like the services of a good professional.  If you're making a move and you've always just gone with your bank, give Jodie a call, she may be able to save you money on your next mortgage. 

Contact Jodie today and know your options before you buy or sell:

Jodie Kristian 
Telephone: 250-475-1166
jodie@mortgagecanada.com

Mortgage Basics:

Mortgage type:

Closed: this type of mortgage must usually remain unchanged for whatever term you agree to. Prepayment costs will apply if you payout,renegotiate or refinance before the end of the term.

Benefits to you:  Provides lower rates than an open or convertible mortgages Allows you to make annual prepayment of up to 20% of your original mortgage amount depending on the mortgage product you select.

Open: this type of mortgage may be repaid, in part or in full, at any time during the term without any prepayment costs.

Benefits to you:  Provides flexibility until you are ready to lock into a closed term. Allows you to pay off any or all of the mortgage without prepayment costs.

Convertible: this is a mortgage which offers the same security as a closed mortgage, but which can be converted to a longer, closed mortgage at any time without prepayment costs. Typically associated with a fixed rate mortgages.

Benefits to you:  Provides security and flexibility allowing you to convert into longer closed term mortgage without prepayment costs, if you think rates will rise. Allows you to make an annual prepayment of up to 10% of your original mortgage amount.

Interest Rate Types:

Fixed:   An interest rate that does not change during the entire mortgage term. 

Benefits to you:  You can take advantage of the same interest rate for the entire term with a regular payment that stays the same. You will have the security of knowing exactly how much your payments are and how much your mortgage will be paid off at the end of your term.

Variable: An interest rate that will fluctuate in accordance with the prevailing market prime rate during the mortgage term.

Benefits to you:  Historically, variable rates have been lower than fixed rates that could save you more money. If rates go down, a larger portion of your payment goes towards principal, helping you pay off your mortgage faster. Your regular payment stays the same even if rates change.

This information is general only; it is not intended as specific investment, financial, accounting, legal or tax advice for any individual. Source