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Mortgage Questions To Ask

• Is the mortgage automatically renewable when it matures, or will I have to re-qualify?

• Can I ''skip'' a mortgage payment?

• If I have ''doubled up'' on a mortgage payment, can I ''skip'' a payment at a later date?

If the current rate from the lender is higher that my contract rate when I wish to make a prepayment, will the lender provide a rebate?

• Can I pay my property taxes directly or do I have to pay them through the lender? If they cannot be paid directly, what interest is paid on the property tax savings account?

• Is there any outstanding tax due on the property?

• Can I sell the mortgage along with the house?

• Is the prepayment amount based on the original amount, the current payment or the outstanding balance?

• Can the monthly payment be reduced after it has been increased?

• Can I take the mortgage with me when I sell the house? If so, can I ''port'' or ''port/increase/blend''? Can I port and reduce the outstanding balance?

• Who decides if my mortgage allows a prepayment?

• When selling my house, what will the penalty be if the buyer is not allowed to assume the mortgage?

• Will the full mortgage amount be forwarded on closing or is the adjustment date used?

• How often can the mortgage be prepaid?

• How long is the interest rate guaranteed before closing? Is there any cost?

• Will I get the benefit of a lower interest rate if rates drop?

• When will the ''final'' rate be set?

• Can I convert an open mortgage to longer fixed term? What does this cost? What type can I convert to? Are there any fees associated with conversion?

• Is the ''early renewal'' feature offered?