Term
The length of the mortgage contract. You’ll pay a penalty if you break a mortgage before its term is up, unless it’s an open mortgage.
Monthly payments
How much you'll pay each month based on the contract rate of the mortgage. For weekly, bi-weekly or semi-monthly payment quotes please email us at team@intellimortgage.com
Rate Hold (Days)
The length of time the lender will guarantee the rate. It is measured from the day we submit your application to the lender and is subject to approved credit.
Lender Type
Lender restrictions prevent us displaying their names next to our deeply discounted rates. So we show the type of lender instead. The lender name is then displayed once you submit your application online. Lender type is of little relevance to mortgage quality. intelliMortgage deals with all the top lenders and all of them are reputable.
Contract Rate
The rate that your payment is based on. This can differ from the 'Effective Rate,' which is the rate that includes any rebates and reflects the mortgage's true borrowing cost.
Extra Effective Discount
This is the extra savings you enjoy because of cash rebates paid to you by intelliMortgage. It is expressed as an interest rate so you can better compare different rate offers.
Cash Rebate
Add an additional cash rebate to your mortgage to help with closing costs, renovations, etc. This is purely optional. Doing so will increase the rates proportionately. In other words, your rate will increase such that the extra interest you pay will equal the cash rebate you are requesting. Not all mortgages are available with cash rebates. Amounts are rounded to the nearest $100 for simplicity.
Lump Prepay (%)
Lets you prepay a percentage of your original mortgage balance each year.
Payment Increase (%)
Lets you increase your payment by this much each year to pay down your mortgage quicker.
Double-Up payments
Lets you make an extra payment without penalty on any normal payment date.
Discount Penalty
A penalty based on the lender’s normal interest rates, as opposed to artificially inflated posted rates (like at the Big 6 banks and many credit unions). The difference can be thousands, even tens of thousands, of dollars depending on your mortgage amount, term remaining and interest rates.
Lump PPs Per Year
The number of lump-sum prepayments you can make in one year.
Compounding
Fixed rates compound semi-annually, but many variable rates compound monthly.
LOC Available
Includes an optional secured line of credit.
Collateral Charge
A “collateral charge” is a type of mortgage that lets you increase your mortgage without paying legal fees. The downside is that it’s often more expensive to switch lenders at maturity (because most lenders don’t pay your switching costs if you have a collateral charge). In addition, you rarely get the lender’s lowest rates on any new funds that you add to a collateral charge mortgage after closing. As a result, some people prefer the flexibility of a non-collateral charge mortgage.
Readvanceable
A form of linked line of credit whereby you do not have to manually request permission from the lender to reborrow paid-down principal. The minute you make a principal payment, it is available for you to reborrow from the line of credit portion.
Portable
Lets you move your mortgage to a new property without paying a penalty, subject to re-qualification.
Port Gap (Days)
Gives you more time (60+ days total) to port your existing mortgage to a new property and avoid a penalty. Many lenders give you only 30 days to port your mortgage. The problem is that it’s sometimes not possible to close your new home within 30 days of the sale (closing) of your old home.
Skip-a-payment
Lets you skip at least one payment per year.
Fixed Payment
Applies to variable-rate mortgages only. This option keeps your payments fixed if prime rate goes up or down. But keep in mind, if prime rate rises so much that you’re not at least covering your interest (e.g., 2.00 percentage points or more), your payment will typically increase.
Blend & Extend
Gives you the ability to extend your mortgage term with no penalty. This is handy if you want to: (a) lock in for longer, before rates go up; or (b) blend your current rate with a lower rate in the future (i.e., average down your rate). Blends & extends are not common with variable-rate mortgages
Online Access
Lets you check your balance and amortization online. In some cases, you can even make prepayments online.
Reinvestment Fee
A handful of lenders charge reinvestment fees (usually $100 to $500). These apply only if you break the mortgage contract before the maturity date.
Increase w/out Penalty
Lets you add money to your mortgage with no penalty, and at fully discounted rates.
Rate ID#
This is an internal code we use to reference the thousands of rates in our database. If you have a question on a particular rate, quote this Rate ID # and it helps us respond more quickly.
Notes
Here's where you'll find various notes including the pros and cons of the rate and some of the key qualification criteria.
