There’s no such thing as a 1.5% mortgage.

I spoke to someone the other day who was in big trouble because he had tried to fix his mortgage problems with a loan that promised him 1.5% interest. This would reduce his payments by more than half, and he could afford payments at the new lower level.

Unfortunately he did not use a lawyer nor did he read the documenst he was supposed to read. The 1.5% rate was for three months, aftre which his rate would change to a variable and under current conditions he would be paying MORE than he paid under hgis old mortgage.

He spent all that money and time only to make his situation WORSE. He may lose his house.

If a deal sounds too good to be true, it probably is. Never take out a mortgage without looking very carefully at the documents, and in my opinion, you should also hire your own lawyer (not the bank’s attorney) to review everything and explain it to you in English.

For mortgage basics click here.

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