Credit agreement for a fixed interest loan for a fixed amount mortgage

From: Financial Consumer Agency of Canada

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Credit agreement for a fixed interest loan for a fixed amount (mortgage) referred to in subsection 8(1) of the Cost of Borrowing Regulations

Principal amount	$255,450.00
Annual interest rate	5.50% Fixed rate per year. This interest is compounded twice per year but charged monthly.
Annual percentage rate	5.50% The interest rate for a whole year (annualized) including applicable fees such as service charge, loan origination fees or administrative fees when applicable.
Term	5 years The term of the loan is closed for the whole five years, which means that you cannot pay down more than your prepayment privilege without paying a penalty.
Date of advance	September 1^st, 2009 This is the date your funds will be advanced. Interest will be calculated and charged from this date on.
Payments	$1,948.28 on the 1^st of every month Your payment is payable monthly and includes payment toward the principal amount, the accumulated interest and your monthly property tax portion.
Amortization period	20 years Based on the current terms and conditions, your mortgage will take 20 years to pay in full.
Prepayment privilege	"10+10" Without paying a penalty, you may once per year: increase your monthly payment by 10% of the original payment pay a lump sum of 10% of the original mortgage amount toward your outstanding balance.
Prepayment charges	You will be charged a penalty if you pay more of your mortgage than the prepayment privilege allows. If you want to pay out all or part of your mortgage before the end of your term, you will also pay a penalty. Your penalty will be the greater of: three months interest, or the interest rate differential: the difference between your mortgage rate and the rate of a mortgage that is closest to the remainder of your term, multiplied by the outstanding balance of your mortgage for the time that is left on your term. It is calculated on the amount being prepaid.
Default insurance	$5,450.00 (included in your principal amount) Insurance premium $5,000.00 Tax (9%) $450.00 Total $5,450.00
Other fees	Discharge fee: $200.00 Default charge: $50.00 Returned or refused payment due to insufficient funds: $40.00