Hi everybody! Enter thank your mortgage engine with Dominion Lending Centres. In today's video, we will discuss what interest rate differential (IRD) is and how it is calculated. A mortgage is a contract between you and the lender, which includes terms, conditions, obligations, and rights. When you take a mortgage, you agree to follow these terms until the maturity date or the expiry date of the contract. However, there are instances when unexpected circumstances arise and one may need to break their mortgage contract before the expiry date. Many lenders allow you to break the contract, but it comes with a penalty. For a fixed-rate mortgage, this penalty is often calculated as the higher of three months of interest or an interest rate differential (IRD). The calculation of IRD can vary depending on whether it is more lender-focused or client-focused, resulting in a larger or lesser penalty, respectively. Let's explore a few ways in which the IRD is calculated. First, we have the posted rate calculation, which is typically used by banks and some credit unions. This calculation involves using the Bank of Canada posted rate. For example, if you obtained a five-year fixed-rate mortgage two years ago when the Bank of Canada posted rate was 4.49% and you now need to break the mortgage with three years left, subtracting the current three-year posted rate of 3.64% from the original five-year posted rate of 4.49% gives you 0.85%. Multiply this by three (the remaining years) to obtain 2.55%. Therefore, the penalty would be 2.55% of your mortgage balance. Now, let's consider another way the IRD can be calculated: the published rate calculation. This is typically used by monoline lenders and most credit unions. In this calculation, published rates are utilized. For instance, if you have a five-year fixed-rate mortgage with...
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How is post differential pay calculated Form: What You Should Know
B-173815.20 Post Hardship Differential Tables The table below illustrates the post hardship rate adjustments established by the Board on the 30th day of each month. Post-highway toll payments. Post-highway toll pay (paid on the 15th day of each month) -- 4 percent Post-highway toll pay (paid on the 15th day of each month) -- 3 percent Post-highway toll pay (paid on the 15th day of each month) -- 2.5 percent Post-highway toll-exempt pay (paid on the 15th day) -- 7 percent Post-highway toll exemption pay (paid on the 15th day) -- 3 percent Post-highway toll paid (pay on the 15th day) -- 4 percent Post-highway toll-exempt paid (pay on the 15th day) -- 10 percent There are many other differentials in effect, including those based upon a percentage of the employee's annual salary, salary rate, or any other specified compensation, that can be used in calculating the total base rate for all months of a pay period. Post Hardship Differentials Table The table below illustrates the post-highway toll pay differential which is paid by the Department of State on the 15th day of each month. Post-highway toll pay (paid on the 15th day) -- 4 percent Post-highway toll pay (paid on the 15th day) -- 3 percent Post-highway toll pay (paid on the 15th day) -- 2.5 percent Post-highway toll pay (paid on the 15th day) -- 2 percent Post-highway toll paid (pay on the 15th day) -- 2.
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