Comments on: What Does Term Refer To In My Mortgage Contract? http://www.sonofabroker.com/what-does-term-refer-to-in-my-mortgage-contract Bringing appeal to mortgages Wed, 28 Jul 2010 17:37:05 -0600 http://wordpress.org/?v=2.8.6 hourly 1 By: chris http://www.sonofabroker.com/what-does-term-refer-to-in-my-mortgage-contract/comment-page-1#comment-295 chris Fri, 25 Jun 2010 00:22:50 +0000 http://www.sonofabroker.com/?p=269#comment-295 Hi Dimples... Thanks for your compliment & for your great question. I understand exactly what your circumstances are... unfortunately you are bound by the contract with the lender. Sometimes it states that you can break your mortgage only with a bonafide sale... meaning that you have listed and sold your house. Very often I make the comment that it is one thing to get into a mortgage with a lender but it is an entirely different story to get out of a mortgage. This is especially true of "no frill" mortgages or "special offers" from the bank where they offer a discounted rate up front but the contract is written so that you are committed right up until the end of the term. Without knowing anything else about your personal circumstances I would explore the option of arranging a temporary 2nd mortgage to relieve the cashflow pressure and then when your mortgage becomes breakable explore the option of refinancing. Hi Dimples… Thanks for your compliment & for your great question. I understand exactly what your circumstances are… unfortunately you are bound by the contract with the lender. Sometimes it states that you can break your mortgage only with a bonafide sale… meaning that you have listed and sold your house. Very often I make the comment that it is one thing to get into a mortgage with a lender but it is an entirely different story to get out of a mortgage. This is especially true of “no frill” mortgages or “special offers” from the bank where they offer a discounted rate up front but the contract is written so that you are committed right up until the end of the term. Without knowing anything else about your personal circumstances I would explore the option of arranging a temporary 2nd mortgage to relieve the cashflow pressure and then when your mortgage becomes breakable explore the option of refinancing.

]]> By: Denise http://www.sonofabroker.com/what-does-term-refer-to-in-my-mortgage-contract/comment-page-1#comment-276 Denise Sun, 20 Jun 2010 05:56:08 +0000 http://www.sonofabroker.com/?p=269#comment-276 Great site I have a question. I'm currently in a 5 year fixed mortgage, and I would like to break the mortgage contract early so I can re-finance with another lender who is offering a better rate, and the chance to consolidate some debt. However, in my current contract it states that I can only break my contract early if I have been in the contract for a minimum of 3years. Because of the unfortunate state of my finances, I am unable to wait another year for the 3 year deadline, because I can no longer afford to pay the mortgage. Am I completely bind to this contract? Or is there someway out of this situation. Great site

I have a question. I’m currently in a 5 year fixed mortgage, and I would like to break the mortgage contract early so I can re-finance with another lender who is offering a better rate, and the chance to consolidate some debt. However, in my current contract it states that I can only break my contract early if I have been in the contract for a minimum of 3years. Because of the unfortunate state of my finances, I am unable to wait another year for the 3 year deadline, because I can no longer afford to pay the mortgage. Am I completely bind to this contract? Or is there someway out of this situation.

]]>