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发表于 2010-7-8 08:49
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what is the difference for 5年浮动 close and open, how to calculate 罚金, thanks+ F3 ^# ]( [3 j
yuz967 发表于 2010-7-8 08:14  1 I! _9 K3 _2 ?; X* b) C$ T) W
E* f; p$ e0 j# t: V% O5 years variable closed rate mortgage means the term is 5 years, if you paid it off earlier, you may be charged 3 months interest amount as the penalty; rate is P- ??% depends the different lender; 5 years variable opened mortgage - you can pay it off anytime without any penalty, but the rate is P+??%.
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Normally if you purchase the property and plan to live in there for longer term, you better select the closed term; but if you plan to flip over the property(buy then sell in the short period ), the opened term might be suitable for you. |
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