The province features rolling hills and grasslands reminiscent of England and has a largely English speaking population of British descent, although there is a small French population as well. PEI is probably best known for its famed writer Lucy Maud Montgomery and her character Anne of Green Gables and the ubiquous lobster supper.
Acceleration Clause: A clause commonly written in a mortgage enabling the lender to demand full re-payment immediately, rather than at the end of the contracted term. The clause must also detail an occurance that would put it into effect, such as a default on regular payments, sale of the property, or re-assignment of property rights. In most cases the debtor must be given reasonable notice, and a chance to reverse the occurance. The debtor is also immune from acceleration if there is no such clause written into the agreement.
Most of the time when you look at a bank's mortgage interest rate, it is an average calculated between all the different lenders across the United States. When you are looking to get a mortgage and working with your lender, the lender uses a set of criteria to determine the final rate that you will end up paying in the end. Usually, the more rick there is in the mortgage, the higher the interest rate you will end up paying.
There are other ARM's that adjust after a specified number of years - say 7 to When they finally kick it, it can be a real sticker shock for the homeowner. If they haven't planned for this financially it could mean the difference between them keeping or losing their home. In some cases, monthly mortgage payments could double in size depending on how low your interest rate was before the adjustment and what current interest rates are.
The good news is that after around three years of sticking with a sub prime mortgage deal, your credit rating is likely to have improved. You could then remortgage in the mainstream market, finding a lower rate.
Acceleration Clause: A clause commonly written in a mortgage enabling the lender to demand full re-payment immediately, rather than at the end of the contracted term. The clause must also detail an occurance that would put it into effect, such as a default on regular payments, sale of the property, or re-assignment of property rights. In most cases the debtor must be given reasonable notice, and a chance to reverse the occurance. The debtor is also immune from acceleration if there is no such clause written into the agreement.
Most of the time when you look at a bank's mortgage interest rate, it is an average calculated between all the different lenders across the United States. When you are looking to get a mortgage and working with your lender, the lender uses a set of criteria to determine the final rate that you will end up paying in the end. Usually, the more rick there is in the mortgage, the higher the interest rate you will end up paying.
There are other ARM's that adjust after a specified number of years - say 7 to When they finally kick it, it can be a real sticker shock for the homeowner. If they haven't planned for this financially it could mean the difference between them keeping or losing their home. In some cases, monthly mortgage payments could double in size depending on how low your interest rate was before the adjustment and what current interest rates are.
The good news is that after around three years of sticking with a sub prime mortgage deal, your credit rating is likely to have improved. You could then remortgage in the mainstream market, finding a lower rate.