rLake Country Calendar Wednesday, October 9, 2013
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Kelowna Shelter 3785 Casorso Road
250-861-7722
▼ OF PRIME INTEREST
Doberman Cross Second Breed: Foxhound Sex: Female Colour: Black / Tan Age: Adult Spayed/Neutered: Yes Animal ID: 308132 Sheeva is a young ‘happy go lucky’ dog who would enjoy the company of her new family & all the attention you could give her. She is active, smart & eager to please, so she would do well in obedience classes which would also help in the bonding experience with her new guardians. Sheeva would make a super companion for a home where she could keep you company & be your loyal protector. She loves giving kisses! If you’d like to meet Sheeva, please ask the Kelowna SPCA Staff for a one-on-one meeting.
The three-month mortgage interest penalty While we see that interest rates are still low, how do you take advantage of the record-low rates if you are currently in a fixed-rate mortgage contract? You’ve likely heard the horror stories of people being charged $10,000 to $15,000 in penalties to break that mortgage contract if you don’t have the good fortune to be buying a house at this moment or have your mortgage come up for
renewal right now. For those now paying over five per cent interest on their mortgage, to break that contract and renegotiate a lower rate can come at a significant cost. Seeking out a mortgage broker is one avenue to help you determine if paying the IRD (Interest Rate Differential) is worthwhile by providing a refinance savings analysis. During the ear-
ly 1990s, mortgage penalties were capped at three months interest. In 1999, Canada Mortgage and Housing Corporation quietly removed the three-month interest cap from their policy and banks slowly changed their own policies to allow for IRD to be charged. Today, we have banks using an unfair penalty calculation that does more than cover any potential loss. The formu-
la for an IRD penalty is not uniform among all lenders or regulated by the Canada Bank Act. While recovering loss on a mortgage contract is a reasonable request, the problem is that banks have been left to calculate IRD penalties whichever way they want. This means that some lending institutions have been overcharging clients. So, ask for a printed “information only”
discharge statement for your existing mortgage. Check to see if the lending institution has applied the allowable pre-payment privilege to the discharge. Check the comparable interest rate used to calculate the IRD. You can also engage a third party firm to review your IRD penalty. There are companies which, for a percentage of the re-
Sheeva
kelowna-spca@shaw.ca
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SEE MORTGAGE A10
They Shopped Small & Won! It was very rewarding!
Garry McCra cken (right ) prese nts Wayn e Cotto n with a foam roller
Ange la Hein : Wine bask et Win e bas ket wit h loca l goo die s pre sen ted by Kat ie (lef t) to Ger i.
s pa ss 6 m on th cl as w in ne r . G ra ce M ac iver
Visit our booth for DISCOUNTS & DRAW
Garry McCra cken (right ) prese nts Charl otte Freem an with a balan ce cushi on
PRIZES!
www.SecondWindFit.ca
Get Fit, Lose Weight, Have Fun!
Bev Soren sen was the lucky winne r of a Lake Count ry Calen dar baske t.
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Sara Cuglie tta was the lucky winne r of aa Lake Count ry Calen dar baske t.
Lavish Accessories: Sarah Duddle
Gallery Gift Shop Art House: Penny Smith-$20 voucher
Profile Marketing: Charlotte Freeman
Tri Lake Animal Hospital: Dianne Vold “Four Paws Draw”
Cachet Hair: Kathy Akselson: Gift Basket of Loma Products
Oyama Zipline: Lynne Glata
Joyfulhealth: Samantha Waller-Gift Basket of Personal Care Products
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Canadian 2 for 1 Pizza: Tracy Hare-Gift certificate
Antler Creek K9 Cooper’s Gray Monk Lake Country Building Centre Lake Country Farm and Pet Supply Ltd. Main Street Esthetics Turtle Bay Pub
Thanks to all the Lake Country businesses & shoppers for participating in the HUGELY successfull Small Shop Saturday event! Watch for it again in 2014!
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Tw ila Pa tt ys on wo 6 fre e yo ga cla ss n es.
Thank you to the following businesses for their contributions to the gift baskets for Small Shop Saturday:
Gallery Gift Shop Art House : Sara Cuglietta-$20 voucher
The Healing House: Simonne Dickie-Massage; Irma Snyder-Energy Work; Marlene Herve-Massage
Tra ve l co p re se n ts S n su lt a n t M ic h e ll e M im o n n e D ic k ie w it h h il m in e e r p ri ze.
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