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MJK · 05-21-2009, 04:02 PM

This is with the RBC bank.

Basically from what I understand I would be making bi-weekly payments but I have the option to put down a 10% lump sum every year on the anniversary of the loan and on top of that I can double up my bi weekly payments if I chose to do so. Here is an e-mail he wrote me.

" You can do open variable 5 year term, presently at prime (2.5) plus 1 per cent or 3.25 today. No limits on pre payments. It is variable and if the prime stays low over the next 2 years or so (if we are still in the recession, it will stay low...but it could go up. With 5 year fixed at 3.75 you can pre pay with penalty by paying biweekly accelerated, 10 per cent each year, double up payments. Overall if all 3 are done you would pay 25 percent and have a great rate fixed!"

Thoughts?

05-21-2009, 04:02 PM	#20
MJK Franchise Player Join Date: Jun 2003 Location: N/A Exp:	This is with the RBC bank. Basically from what I understand I would be making bi-weekly payments but I have the option to put down a 10% lump sum every year on the anniversary of the loan and on top of that I can double up my bi weekly payments if I chose to do so. Here is an e-mail he wrote me. " You can do open variable 5 year term, presently at prime (2.5) plus 1 per cent or 3.25 today. No limits on pre payments. It is variable and if the prime stays low over the next 2 years or so (if we are still in the recession, it will stay low...but it could go up. With 5 year fixed at 3.75 you can pre pay with penalty by paying biweekly accelerated, 10 per cent each year, double up payments. Overall if all 3 are done you would pay 25 percent and have a great rate fixed!" Thoughts?