9-months free mortgage
After careful consideration, you’re finally ready to seize the opportunity to purchase a home! However, the various expenses related to buying a new home can be a serious drawback. Cast away your hesitations with our “9-Month Free” Mortgage! It’s just the ticket for a smooth and worry-free transition. In fact, your mortgage payments are on the Laurentian Bank for the first 9 months as a “housewarming” gift!
In a nutshell…
At the date of the disbursement of the loan, you will receive an amount equal to your first 9 monthly payments (including principal and interests). It will buy you enough time and money to get settled into your new home and provide a welcome break during a high-expense period.
| CHARACTERISTICS1 | |
|---|---|
| Offer |
Mortgage with first 9 months free |
| Terms | 5-year closed fixed-rate |
| Payments | Fixed amounts |
| Guaranteed rate | Up to 90 days |
| 15/15 option | You can choose to make an additional payment or to increase the amount of your payments. The prepayment opportunity is directly applied to the principal, which in turn diminishes global costs.
|
| Payment frequency | Monthly, month-end, biweekly or weekly payments (accelerated or not). |
Summary
This mortgage product is for you if:
- You’re a first-time homebuyer;
- You have the required 5% down payment;
- Your budget is somewhat tight;
- You need a break from mortgage payments for the first 9 months;
- You wish to have cash on hand to alleviate household expenses during the first few months.
This mortgage product is not for you if:
- You do not wish to enter into a long term mortgage;
- You have less than 5% down payment.
Legal notice
1. Subject to credit approval. Certain conditions apply.The annual percentage rate (APR) as at March 13, 2010, is 5.24%. This APR is calculated based on a $100,000 loan amortized over 35 years with a 5-year term. This offer cannot be combined with any other offer.
