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Gents,
Posted to Borden (yay..... :-X) and am currently on house hunting trip. So long and short I was hoping some of you Barrack Room Brokers could have a look at my financials a bit here and let me know if I am missing anything.
Sold our house in Ottawa for $294K, bought house in Borden for $260k. Our mortgage has about 200k outstanding on it at 4.155%. It is a 5yr fixed and we have 3 remaining. We are going to be breaking it and applying our posting allowance as an interest rate buydown. This has our interest rate at about 2.52%. We save the penalty cost easily in the three years remaining and get two extra years at a great rate.
I have asked Brookfield if they will cover the cost of penalty, and it is a kind of yes, kind of maybe, depending on how much I have in envelopes. I am no expert with this Brookfield crap, and am just wondering if I am missing anything here. If you guys and gals had some tips or know if I am missing something, have questions I should ask, please let me know. Haven't moved in ten plus years so a bit confused. Plus I know some of you folks are way better versed at this kinda stuff. I'm really good at computers
Thanks so much in advance.
Fuzz
Posted to Borden (yay..... :-X) and am currently on house hunting trip. So long and short I was hoping some of you Barrack Room Brokers could have a look at my financials a bit here and let me know if I am missing anything.
Sold our house in Ottawa for $294K, bought house in Borden for $260k. Our mortgage has about 200k outstanding on it at 4.155%. It is a 5yr fixed and we have 3 remaining. We are going to be breaking it and applying our posting allowance as an interest rate buydown. This has our interest rate at about 2.52%. We save the penalty cost easily in the three years remaining and get two extra years at a great rate.
I have asked Brookfield if they will cover the cost of penalty, and it is a kind of yes, kind of maybe, depending on how much I have in envelopes. I am no expert with this Brookfield crap, and am just wondering if I am missing anything here. If you guys and gals had some tips or know if I am missing something, have questions I should ask, please let me know. Haven't moved in ten plus years so a bit confused. Plus I know some of you folks are way better versed at this kinda stuff. I'm really good at computers
Thanks so much in advance.
Fuzz