Think savings with Think Financial

Why pay for mortgage features you are not going to use?  There is no such thing as a free lunch and the same is true in the mortgage business.  All those pre-payment privileges cost something and if you are not going to use them why pay for them?

The Skinny mortgage was created as a stripped down mortgage with just one feature: an unbeatable rate.  This rate can save the average client $3500 over the term of the mortgage in comparison to our already very well priced Works product.

The Skinny: a classic mortgage highlighting an absolutely unbeatable rate. Perfect for clients watching the bottom line. 


PREPAYMENT PRIVILEGES

With the The Skinny mortgage you get up to 20% maximum of lump sum ability per year.

In other words, at any time during the mortgage year, you can pay lump sums totaling up to 20% of the original Principal Amount without penalty. Yes, that means you could pay off your entire mortgage in less than 5 years. And yes the entire lump sum payment will go towards your Principal.

Also with The Skinny mortgage you can also increase your regular payments up to 20% of the initial Principal and Interest Payment.  You can turn this feature on and off throughout the term of you mortgage

Payment frequency

Monthly, Bi-Weekly, Semi-Monthly or Weekly.

Portability

Limited.  With The Skinny Mortgage you can’t pay off your mortgage in any amount unless you sell the property.  But you can take the mortgage with you to your next home with some government enacted limitations. 

PREPAYMENT CHARGES

With The Skinny mortgage you are not able to pay off your mortgage faster than your Prepayment Privileges allow, unless the following circumstances apply:

  1. Upon the closing of a sale of the Property at fair market value to an arm’s length purchaser
  2. If the Mortgage is renewed into another THINK Skinny Mortgage, or
  3. In the event that a Borrower deceases

If you exercise this option (a, b or c above), an Early Payout Penalty will apply.  The penalty you will be charged will be:

a)    Three months interest, or

b)    The interest rate differential, which is calculated by taking the difference in your mortgage’s Annual Interest Rate and the Interest Rate for a mortgage that is closest to the remainder of your mortgage term, multiplied by the outstanding balance for the time that is left on your mortgage term, and calculated on the amount being prepaid.

The Works offers far better prepayment terms.