Effect if interest is more than the instalment Sample Clauses

Effect if interest is more than the instalment. For any variable rate mortgage product, when the interest rate goes up, the instalment may not be enough to pay all of the interest and the remaining actual amortization period increases. When this occurs what is owed increases and you must pay compound interest. If this happens and if we ask, you may be required to do one or more of the following so the loan will be repaid over the remaining contractual amortization period: • Immediately pay us the excess. • Pay us a higher instalment, beginning on the next instalment date, and going on until the balance due date. We fix the amount of the higher instalment to cover any expected rate increase, or to stop what is owed from increasing. • Convert the loan to a fixed rate term if the contract gives you an option to do so. If you choose to pay us a higher instalment so that the loan will be repaid over the remaining contractual amortization, you can't lower it under section 5.14.2 or 5.17.2.
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Effect if interest is more than the instalment. For any variable rate mortgage product, when the interest rate goes up, the instalment may not be enough to pay all of the interest and the remaining actual amortization period increases. When this occurs what is owed increases and you must pay compound interest. If this happens and if we ask, you may be required to do one or more of the following so the loan will be repaid over the remaining contractual amortization period: Immediately pay us the excess. Pay us a higher instalment, beginning on the next instalment date, and going on until the balance due date. We fix the amount of the higher instalment to cover any expected rate increase, or to stop what is owed from increasing. Convert the loan to a fixed rate term if the contract gives you an option to do so. If you choose to pay us a higher instalment so that the loan will be repaid over the remaining contractual amortization, you can't lower it under section 9.14.2 or 9.17.2. Renewal4. Renewal offer4.1. Renewal of the loan for another term is at our discretion. We may request additional information before extending a renewal offer. If we decide to renew the loan and if you’re not in default, shortly before the balance due date we'll send you our offer to renew the loan. The offer will contain each mortgage product available to you, the interest rate applicable to each mortgage product and any new or amended terms that would also apply to the mortgage. If by the balance due date you've neither paid all of what is owed at that time nor agreed with us to renew, you'll be deemed to have accepted our offer for a new mortgage product beginning on the day after the balance due date as follows: If you have a fixed rate term for six months, one year or two years, the new mortgage product is the same mortgage product again. If you have a closed term, the new mortgage product is closed. If you have an open term, the new mortgage product is open. If you don't have a mortgage product described in section 8.1.1, the new mortgage product is a fixed rate open term of six months. Features5. What features apply5.1. The heading for each section of this part 9. shows what mortgage product a feature applies to. Except where a feature applies to any mortgage product, the feature applies only while you have the mortgage product shown in the heading. This part 9. does the following: shows the features that apply to all mortgage products; then shows the features that apply to each specific mortgage product; and th...
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