在FIXED MORTGAGE未到期时卖房，请教MORTGAGE的延续和罚款的计算方法

[师长]

如果在FIXED MORTGAGE未到期,假设5年FIXED4.5%， 才过两年。

1) 如果仅仅是卖房，但是不买别的房子。
我理解的是按MORTGAGE条款，一般罚3个月的利息

2) 如果卖房后又买别的房子，(即换房)
这种情况下，有两个可能
2.1)继续用原来的MORTAGE INSTITUTE 借钱 (这个问题提出的前提是假设两年前买房时的MORTGAGE利息比换房时要低)
这种情况下，原来的这家能否继续KEEP两年前买第一房的FIXED MORTGAGE RATE 把剩下的未付清的旧房本金+(新房ADDED DEAL PRICE)来做为新的房子MORTAGE的本金，但是利息和两年前一致?
2.2) 换INSTITUTE 借钱
我理解的是按MORTGAGE条款，一般罚3个月的利息


大家说我理解的对吗? 特别是2.1)这种情况，我最拿不准。对2.1)的处理将会影响用长期FIXED RATE的决心。

 

[oread]

Penalty for early termination is calculated in the same way as prepayment penalty. The normal prepayment penalty is the greater of (1) three months' interest or the (2)Interest Rate Differential (IRD) on the amount to be prepaid:

Explanation on Interest Rate differential: This is usually calculated as "the difference between the existing rate and the rate for the term remaining, multiplied by the principal outstanding and the balance of the term".

Example.
$100,000 mortgage at 9% with 24 months remaining.
Current 2 year rate is 6.5%.
Differential is 2.5% per annum.
IRD is $100,000 * 2 years * 2.5% p.a. = $5,000.

 

[师长]

最初由 渐渐 发布
Penalty for early termination is calculated in the same way as prepayment penalty. The normal prepayment penalty is the greater of (1) three months' interest or the (2)Interest Rate Differential (IRD) on the amount to be prepaid:

Explanation on Interest Rate differential: This is usually calculated as "the difference between the existing rate and the rate for the term remaining, multiplied by the principal outstanding and the balance of the term".

Example.
$100,000 mortgage at 9% with 24 months remaining.
Current 2 year rate is 6.5%.
Differential is 2.5% per annum.
IRD is $100,000 * 2 years * 2.5% p.a. = $5,000.

那他们(第一家INSTITUTE)按照现在什么RATE来参照IRD呢?比方说，3年前用的是5%-5年期，现在还剩下2年。‘现在的RATE’是指什么，是银行的PRIME RATE，还是这家INSTITUTE现在的5年FIX? 如果这个‘现在的RATE’是3%。那么Differential is 2% per annum
那PENALTY WILL BE 100000*2%*2 = $4000 那可应该比三个月的利息要多很多了。

反过来说，如果现在的RATE比几年前高，那IRD就没有用了。就是三个月的利息了。一般银行会不会把几年前低的RATE TRANSFER到新买的房子? 如果是这样的话，FIXED RATE才有意义。

 

[oread]

1。通常按照同家银行跟你现有mortgage一样term的利率来计算。如果你签的是5年Fixed，那就按照现在5年Fixed的利率来交罚款。也就是说，在closed period里面，现在的利率越低，你将要交的罚款就越多。

2。正是如此。

REDUCE YOUR MORTGAGE PENALTY FEES

If you have a closed mortgage and decide to sell your home before the end of term, changing the mortgage could result in certain fees. Below are four ways to eliminate them:

ROLLOVER MORTGAGE

To avoid additional fees, you can transfer the interest rate, balance and expiry date of the term of your existing mortgage to a new loan. Any amount over and above your current balance will then be lent to you at the prevailing rate, depending on the desired term.

BUYER REFERRAL

Your fees will be waived, if the Bank grants a mortgage loan to the purchaser of your property for an amount AND a closed fixed rate AND a term that are equal to or greater than those of your existing mortgage.

DOUBLE THE MORTGAGE

No fees are charged, if you or your purchaser take out a closed mortgage for a total amounting to at least twice your outstanding mortgage.

ASSUME MORTGAGE

You do not have any additional fees to pay, if your purchaser assumes your mortgage.

source: http://www.nbc.ca/bnc/cda/guide/0,1009,divId-2_langId-1_navCode-10962_navCodeEx-1000,00.html

 

[Nanfang]

可是TD告诉我要按照余下的TERM的利率来计算:

比如你签的是5年Fixed，但现已经过去将近两年,那就按照现在(5-2)=3年Fixed的利率来交罚款。
而且如果你当初享受的DISCOUNT, (例如1%), 也要计算到罚款里.

我觉得很不合理,不知哪位同志最近BREAK的罚款如何计算的?

谢谢.

最初由 渐渐 发布
1。通常按照同家银行跟你现有mortgage一样term的利率来计算。如果你签的是5年Fixed，那就按照现在5年Fixed的利率来交罚款。也就是说，在closed period里面，现在的利率越低，你将要交的罚款就越多。

 

[oread]

各家银行有可能不是一样。但如果按照TD的作法，你交的罚款只有更低才对，因为一般时间越短的mortgage利率也就越低。

对，提前结束mortgage是要退回当初享受的discounted rate。无所谓合理不合理，就看值得不值得了。

 

[楚风]

最初由 渐渐 发布
Example.
$100,000 mortgage at 9% with 24 months remaining.
Current 2 year rate is 6.5%.
Differential is 2.5% per annum.
IRD is $100,000 * 2 years * 2.5% p.a. = $5,000.

The rational behind the penalty calculation:

1. The lender needs to find someone else (hypothetical) to replace the 2 remaining years. Since the lender can only charge the hypothetical person at 6.5% for the 2 years and since your term would obligate you to continue to pay 9.0% for the two years, you would have to pay the loss of the lender which is 2.5% for 2 years.

2. The lender is guarnated for 3 month interest if loss based on the differential is less than the 3 month interest.

3. Lender may charge only 50% of the penalty (e.g 1.25% for 2 years) if you renew for another 5 years term at current rate, because the lender has new business from you (i.e., 3 more years).

 

[LostRabbit]

最初由 金三木子 发布


3. Lender may charge only 50% of the penalty (e.g 1.25% for 2 years) if you renew for another 5 years term at current rate, because the lender has new business from you (i.e., 3 more years).

If the lender still wants the business, it may need to waive the penalty if the owner sign the same peried of Fix rate mortgage.

I doubt if the owner would like to pay this 50% discounted penelty if new 5 years term is signed.

Afterall, if owner thinks he/she may sell or change house within the term time, owner should not use fixed term mortgage.

 

[楚风]

最初由 smartrabbit 发布


If the lender still wants the business, it may need to waive the penalty if the owner sign the same peried of Fix rate mortgage.

I doubt if the owner would like to pay this 50% discounted penelty if new 5 years term is signed.

It will depend on what rate the lender will offer to the new 5 year term. The lender could waive the penalty but the lender will not offer the best rate for the new term. Here are two real cases renewed during the same week:

1) 5 year term, 5.2%, 3.5 years remaining, renewed for a new 5 year term at 4.9%, No penalty.
2) 5 year term, 5.3%, 3.6 years remaining, renewed for a new 5 year term at 4.39%, paid 50% penalty.
Camparison of the 2 cases indicated that case #2 is more beneficial

 

[楚风]

最初由 smartrabbit 发布
Afterall, if owner thinks he/she may sell or change house within the term time, owner should not use fixed term mortgage.

In this case, the owner may have to pay the full penalty in order to terminate the fixed term for a variable rate, or transfer the remaining fixed term to the new residence. Most of the lenders allow such a transfer.

 

[LostRabbit]

最初由 金三木子 发布

In this case, the owner may have to pay the full penalty in order to terminate the fixed term for a variable rate, or transfer the remaining fixed term to the new residence. Most of the lenders allow such a transfer.

Like you said, if you stick to the previous lender transferring remain balance(+remaining 'interest' lender should earn), it is up to them to give you most favourite rate or not.

I think this maybe a great deal.

variable rate = prime - 0.75% for 5 years

Open, no penalty for terminating.

Anyone knows who can provide this kind of variable rate?

 

[楚风]

最初由 smartrabbit 发布

I think this maybe a great deal.

variable rate = prime - 0.75% for 5 years

Open, no penalty for terminating.

I believe most lenders only offer prime-0.75% for 6-9 months and prime +/-0.25% for the remaining term rather than prime-0.75% for the full 5 years.

Comparison between variable rate and fixed rate is a totally different issue. For the past couple of years the vairable rate appeared to be a better choice than the long term fixed rate. However, it does not guaranty for the future especially when interest rate appears to be at the bottom. When interest rate increses it may move very quick. Therefore, the choice should reflect one's personality. I prefer peace of mind to risk-taking.

 

[楚风]

最初由 smartrabbit 发布


Like you said, if you stick to the previous lender transferring remain balance(+remaining 'interest' lender should earn), it is up to them to give you most favourite rate or not.

By "transfer" I mean only a title change. Earlier termination is not considerred a "transfer".