Hi
My mortgage is coming for renewal. I have a mortgage of $110000. It has an amortization period of 10 years. Which brings the monthly payment to $1060.
When I asked the person who was assigned by RBC, that is there anyway I can bring my mortgage below $1000. He used a mortgage calculator and asked me to make a deposit of $8000, which I did. He told me that it would take few days before systems comes up with reduced principle. So I was asked to come back in week time before I sign any papers. However, when I checked my online account today. I see that amortization period has gone down to 9 years and 6 months from being 10 years. Which bring backs the monthly payment to $1080.
How does this works? It seems it doesn't matter how much I pay it will keep remain above $1000 mark.
I don't have any problem with paying $1080, but why did the guy at RBC make an payment of $8000 in first place?
thanks
My mortgage is coming for renewal. I have a mortgage of $110000. It has an amortization period of 10 years. Which brings the monthly payment to $1060.
When I asked the person who was assigned by RBC, that is there anyway I can bring my mortgage below $1000. He used a mortgage calculator and asked me to make a deposit of $8000, which I did. He told me that it would take few days before systems comes up with reduced principle. So I was asked to come back in week time before I sign any papers. However, when I checked my online account today. I see that amortization period has gone down to 9 years and 6 months from being 10 years. Which bring backs the monthly payment to $1080.
How does this works? It seems it doesn't matter how much I pay it will keep remain above $1000 mark.
I don't have any problem with paying $1080, but why did the guy at RBC make an payment of $8000 in first place?
thanks