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Mortgage Options

There are a few common options for mortgages and it’s important to familiarize yourself with these options to ensure you are choosing the right one for you.

 

Prepayment Privilege

Definition: Percentage allowed to make additional payments without penalty 

Benefit Reduce interest costs over the term, saving you thousands of dollars


Portability

Definition: Moving your mortgage to your next home

Benefit: Saving potential penalties while continuing on with your current interest rate


Assumability

Definition: Transfer the mortgage to someone else

Benefit: Allow a potential buyer to benefit from a low-interest rate


Home Warranty

Definition: Insurance on HVAC systems

Benefit: Saves you potential repair and maintenance costs

Contact your Pineapple Mortgage Agent or Broker for more information on the home-buying process and what else you need to consider when purchasing a property!