Wednesday, January 8, 2020

Case study: My mortgage pre-approval from Scotia bank

January 8, 2020

Introduction


I only worked less than four hours today. I had 4:00 PM appointment with Scotia financial advisor. I like to write a case study on this one.


My mortgage pre-approval


Total loan amount: $152,000.00
Maximum approved amount: $196,447.06
Monthly payment: $717.78
Interest rate: 2.98%
Amortization: 25 years
Term: 3 year closed - fixed rates
Expiration date: May 6, 2020

Date issues: Jan. 8, 2020

Extra notes taken by hand:

Closing cost 1.5%
annual meeting minutes for condo association
maximum amount: $169,000
Close date: 3 months
prepayment:

20%, 15%, 10% - pay more principal

Fixed 3 yr   2.9%
          7 yr   3.3%
          5 yr   3.09%





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