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14 ; In g argument glumldy. ing," x The CJ §mn¢la maximun gm-- £ no rights uj before m the lende Unlike there are mortgage 8 If a cor & fhiveâ€"year gv!hthu z prepay t However, with real estate companies counting on banks to give mortgages to interest conâ€" sumers, he hopes that the push to bring in the new legislation doesn‘t "jeopardize" their rela tionship with the banks. 61 Hespeler Ad. | | Stone Rd. Mail "We want the government to legislate to the maximum of a threeâ€"month penalty as well." However, said Talarico, if a mortgage is insured through the Canadian Mortgage Housâ€" ing Commission, as part of their agreement with the bank, consumers face only a threeâ€"month penalty for prepaying of mortgages. If a consumer has three years remaining on a fiveâ€"year $100,000 mortgage at nine per cent, with the current rate now being six per cent, to prepay the mortgage the customer takes the three per cent difference in interest rates, multiâ€" plies it by the $100,000 mortgage, then by the number of years existing on the current mortâ€" gage, meaning a penalty of $9,000. amend a law that allows consumers to pay a maximum three month penalty if they want to prepay a mortgage. As it stands, consumers have no rights if they want to prepay a mortgage before maturity. It‘s entirely at the discretion of the lender. Unlike paying off the balance of a car loan, there are more restrictions when paying off a arguments that don‘t stand up to scrutiny. Unforâ€" tunately, Ottawa hasn‘t done much scrutinizâ€" Caroi‘s Chocolates & Gifts 22 King St. S. Watarioo Interest Act The CREA would like to see the government Sugar Free Chocolate Order now for Faster m Y.nfl\c 2 TOYOTA COROLLAS (one owner, low kms) 4 MONTE CARLOS The monthly payment will decrease, but cusâ€" tomers will need the cash up front. Upon mortâ€" gage renewal, one can make any size prepayment they choose with no penalty charges. Some of the options include: Waiting out the remaining term of the mortgage and taking advantage of other ways to save, such as prepayâ€" ing 10 per cent of your mortgage in a lump sum payment; early renewal and paying the IRD in cash. According to Shirreff, when evaluating early renewal, it‘s important to look at each option (interest rate, remaining term) and decide with the bank what is best. M "I think that their (CREA) whole approach is the problem ignores the fundamentals of bankâ€" ing, They don‘t take into account that the bank has to balance their assets and liabilities together." "Over the past 15 years interest rates have declined and people are going to shorter terms, such as sixâ€"month terms," said Shirreff. "With these shorter terms people can pay off their loans much quicker. "With 99 per cent of our customers needing financing to buy a property, we‘re hoping not to get the banks upset with us." According to Bruce Shirreff, Senior Vice Presiâ€" dent Toronto Dominion Bank Mortgages, for some "unknown reason", real estates companies are making the interest rate differential (IRD) a (Continued from page 12) We‘re overstocked and ready to deal! Great prices and )n" / great selection on tradeâ€"ins, nearly new and used vehicies. Not only do you get a great deal, but you also get at No Extra Charge your choice of a Raleigh Mountain Bike or Broil King BBQ PLUS a chance at our Grand Prize â€" a Spectacular Set of Hauser Patio Furnture! YY C cflfi’,‘a‘g mpring C pIV" cranp prize Thinking of replacement windows this spring? Think vistemtech, we are the replacement specialists. With over 20 years of professional experience we are the company to look to for advice, service and the best quality in replacement windows and doors. For more information and a no charge, no pressure estimate please call 884 6747. MNURMINONNNNERRRRrNaSrrmrrommmeamrermmsnnmenmmnmmmmmummmsse C o oooomoraemen A We Do Windows. MARCH 9 to MARCH 15 â€" 9 a.m. to 6 p.m. OST: â€" Children $1.25/game o i Adults $1.60/game \\\ (Rental Shoes Included) %m {%886. L‘.lh_u.‘ll.fl.._.&gzp , this special o t MARCH BREAK SPECIAL OR ) WATERLOO BOWLING LANES (Behind the Huether Hotel) Fully Licensed LLBO » Snack Bar » Free Parking 14 PRINCESS ST. WEST, WATERLOO L Cn n O, "acdfoe Lo ns en n nc t § CUTLASS SUPREMES 1996 CAVALIERS from $12,995 Ghazing Symtems Inc wallow an audi poke at ular for her really I ing man: dream va her grow of persor romance, "Shirle In the Shirley V routine li They‘re his wort to flesh ability to and that a t M*A*5* and tele kitchen We han in