Kristi Mason - Kitchener-Waterloo Real Estate

Welcome Home! This great 2 bedroom, 1 bath townhouse condo will be an amazing place to call home! ❤️
Located in Huron Park, minutes walk to shopping plazas, park and other amenities. A quick drive to the 401!
If you are in the market for this cutie or know someone who is, give me a message!!

ℕ𝔼𝕎 𝕃𝕀𝕊𝕋𝕀ℕ𝔾 ℙ𝕀𝕆ℕ𝔼𝔼ℝℙ𝔸ℝ𝕂 -𝔻𝕆𝕆ℕ!
𝟸𝟺-𝟺𝟺𝟻 𝙿𝚒𝚘𝚗𝚎𝚎𝚛 𝙳𝚛𝚒𝚟𝚎 𝙺𝚒𝚝𝚌𝚑𝚎𝚗𝚎𝚛

🏡Beautifully remodelled condo townhouse located in popular Pioneer Park in Doon!

🏡Bright end unit home features stylish luxury vinyl plank flooring throughout main floor and finished basement.

🏡Freshly painted walls and trim throughout 3 floors.

🏡Main floor features a large eat-in kitchen with ample storage space.

🏡Beautiful family room with large front window bringing in great natural light.

🏡The upper level features 3 bright bedrooms with solid wood floors and a 4pc. bathroom!

🏡Lower level includes a 2 pc. bath and a large open area that is perfect for potential in-law, rental, or additional living space with its own private entrance.

🏡Easy Access to 401

🏡Main bus line right out the front door

🏡Carpet Free Home

🏡New Air Conditioner, Furnace and Hot Water Heater in 2018

🏡The complex is also home to a lovely inground pool for endless summer fun! This one won't last long!

🏡$499,000

Hello February! What took you so long? ❤️

I love to look at this sign when I enter my office! It is soooo true!! If you love what you do, it never feels like work!! 😉
Happy Friday!!!

Great information on mortgage penalties! Good to know!

𝗟𝗲𝘁’𝘀 𝘁𝗮𝗹𝗸 𝗽𝗲𝗻𝗮𝗹𝘁𝗶𝗲𝘀! Borrowers often focus their attention on mortgage rates, which I like to call the ‘cost on the way IN to your mortgage’. Yet, what about the cost you'll likely incur if you break your mortgage before the end of your term (which btw, is the case with up to 70% of all mortgages)? This is your ‘cost on the way OUT’. It's very important and often overlooked, so listen up!!

If you’re in a variable rate mortgage, it's calculated as a flat 3 months interest charge.
𝗙𝗼𝗿𝗺𝘂𝗹𝗮: {[(𝗺𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗿𝗮𝘁𝗲/𝟭𝟮 𝗺𝗼𝗻𝘁𝗵𝘀) 𝘅 𝗺𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗯𝗮𝗹𝗮𝗻𝗰𝗲] 𝘅 𝟯} = 𝗽𝗲𝗻𝗮𝗹𝘁𝘆

For fixed rates, it’s a little more complex… These penalties are typically calculated as the 𝗚𝗥𝗘𝗔𝗧𝗘𝗥 𝗼𝗳 𝗮 𝟯 𝗺𝗼𝗻𝘁𝗵 𝗶𝗻𝘁𝗲𝗿𝗲𝘀𝘁 𝗰𝗵𝗮𝗿𝗴𝗲, 𝗼𝗿 𝘄𝗵𝗮𝘁’𝘀 𝗰𝗮𝗹𝗹𝗲𝗱 𝗮𝗻 𝗜𝗻𝘁𝗲𝗿𝗲𝘀𝘁 𝗥𝗮𝘁𝗲 𝗗𝗶𝗳𝗳𝗲𝗿𝗲𝗻𝘁𝗶𝗮𝗹 𝗼𝗿 ‘𝗜𝗥𝗗’.
If your fixed rate is very low in comparison to where prevailing rates are at the time you’re looking to break, you may get lucky and only incur a 3 mo. interest penalty, but in many cases the IRD ends up being the higher number and ends up being the one that applies to you.
𝗛𝗲𝗿𝗲 𝗶𝘀 𝘁𝗵𝗲 𝗴𝗲𝗻𝗲𝗿𝗮𝗹 𝗳𝗼𝗿𝗺𝘂𝗹𝗮:
{[(𝘆𝗼𝘂𝗿 𝗲𝘅𝗶𝘀𝘁𝗶𝗻𝗴 𝗿𝗮𝘁𝗲 – 𝗹𝗲𝗻𝗱𝗲𝗿’𝘀 𝗰𝘂𝗿𝗿𝗲𝗻𝘁 𝗿𝗮𝘁𝗲 𝘁𝗵𝗮𝘁 𝗺𝗼𝘀𝘁 𝗰𝗹𝗼𝘀𝗲𝗹𝘆 𝗺𝗮𝘁𝗰𝗵𝗲𝘀 𝘆𝗼𝘂𝗿 𝗿𝗲𝗺𝗮𝗶𝗻𝗶𝗻𝗴 𝘁𝗲𝗿𝗺) 𝘅 𝗺𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗯𝗮𝗹𝗮𝗻𝗰𝗲] 𝘅 𝗿𝗲𝗺𝗮𝗶𝗻𝗶𝗻𝗴 𝘁𝗲𝗿𝗺)}
*Most of the big banks use a slight variation to this calculation that factors in their posted rates and the 'discount' that they gave you, which boosts up that IRD calculation even higher.

An IRD penalty can be difficult to anticipate, given the various inputs but the scenario that is guaranteed to produce the highest penalties is when you want to (or need to) break or renegotiate your mortgage and you're in a high fixed rate, but the prevailing fixed rates being offered have now dropped. So, in our current rate environment, it's more important than ever to understand how penalties work.

If you’re looking for a new mortgage or considering making a change, reach out and I’d be happy to review your situation and share my thoughts!