Best or Lowest Mortgage Rates ?
We have access to the lowest mortgage rates on the market. In many cases however, it may not be the
one we would suggest.
Why? You get what you pay for. Here is an example:
Let's say there is a possibility of you moving within the next five years, and we offer you
5 year fixed rate product called a "no frills closed mortgage." This means if you have to
pay it out after one or two years, you will be hit with high penalties. Not the best situation
to be in - we've seen people's equity vaporize when they pay the penalties to discharge mortgage.
For example, discharge of $200000, 5.4%, fixed 5 year term mortgage with 3 years left to renewal,
at current fixed market rate of 3.4%, can cost close to $12000.
On the other hand, flexible pre-payment, assumption and portability options on $200000 mortgage at
a rate of just 0.1% higher would cost extra $200 per year. This means no large penalties in case
of early discharge, and option to save by prepaying your mortgage. There is also a way to decrease
your penalty by utilizing the prepayment.
When it comes to choosing a mortgage, getting a good rate is just the tip of the iceberg.
To ensure smooth sailing, you have to be aware of all the other features that may lie below the surface.
The features of a mortgage should fit a homebuyer's personal goals, both now and down the road. Borrowers need to
understand what they're signing up for - a mortgage is the largest debt most consumers will ever take on.
Follow this link for five mortgage tips prospective mortgage holders should consider when choosing a mortgage.
Choosing the right mortgage involves considering where you are now, and where you may be three to five years from now.
Working with us can help you make sense of the many options available to you.
Contact Us today for your best and
lowest mortgage rate.
Why lowest mortgage rates are not always the best
Current mortgage rates from major banks in Canada. Call Us today and get lower rate
Get your math done with our home mortgage calculator
Follow our mortgage guides to plan your purchase
Best mortgage deals for first time home buyers
Protect your investment with mortgage protection insurance
Use home mortgage refinancing to improve your cash flow
Buy a cottage, rental property or a mobile home with Second Home Mortgage
