“Trigger rate” is a term we’ve heard a lot lately. …
✨So what happens if you reach your trigger rate??✨
• Your lender will notify you by letter to inform you of how much the principle amount exceeds your trigger rate.
•Once notified, you will have 30 days to choose an option that will keep you on track with your mortgage amortization:
🔸Make a lump sum payment 🔸Increase the amount of principle and interest payment
🔸Convert to a fixed rate term.
As always - if you have questions, I’m happy to chat! 😊