- Joined
- Dec 15, 2008
- Messages
- 172
Hello there,
This is the first time I`m doing this.
I am negotiating a 10BR-student rental property by the University in one of the top cities identified by REIN. The mortgage with Resmor carrries a 6% fixed interest with two years to go before mortgage renewai. According to the owner, Resmor will charge him a penalty of around $20K if he decided to terminate the mortgage. (By the way, the arrears as of now is 6 months with little equity on the property).
My questions are:
1 - Has anybody dealt with Resmor before? Can you please share your experience in dealing with them?
2 - My plan is to assume the mortgage with Resmor and then move it soon to another lender for a lower interest rate. Is this possible?
3 - How can I avoid the penalty from Resmor and get a better rate?
4 - Are there experienced mortgage brokers who can help me on this?
Thank you for the immediate advice.
Cheers,
TonyM
This is the first time I`m doing this.
I am negotiating a 10BR-student rental property by the University in one of the top cities identified by REIN. The mortgage with Resmor carrries a 6% fixed interest with two years to go before mortgage renewai. According to the owner, Resmor will charge him a penalty of around $20K if he decided to terminate the mortgage. (By the way, the arrears as of now is 6 months with little equity on the property).
My questions are:
1 - Has anybody dealt with Resmor before? Can you please share your experience in dealing with them?
2 - My plan is to assume the mortgage with Resmor and then move it soon to another lender for a lower interest rate. Is this possible?
3 - How can I avoid the penalty from Resmor and get a better rate?
4 - Are there experienced mortgage brokers who can help me on this?
Thank you for the immediate advice.
Cheers,
TonyM