Want An Easier Way To Find Your Ideal Mortgage?
–Posted By Mahmoud Hamdan (aka Mike)–
Licensed Mortgage Agent level 2. FSRA Lic # M09002218 since 2009. Brokerage: Mortgage Outlet Inc FSRA #12628
If you live in Ontario and have an excellent credit score with provable income, then you are going to enjoy this article.
Because, I am about to show you how to differentiate between a restricted mortgage and a full featured mortgage.
Simply by asking the right questions:
- Is this an effective rate or the actual contract rate?
- If the proposed mortgage rate is an effective rate, what are the advantages and disadvantages between the two?
- Are there any restrictions if I proceed with the proposed mortgage?
- What are the prepayment options?
- What happen if I decide to sell the property during the term?
- Can I leave the lender during the term?
- How the lender calculates the penalty?
- Is the mortgage portable?
- Is the mortgage assumable?
Ideally, you want to ensure the proposed mortgage combine the best mortgage rate and total flexibility.
Don’t get stuck with a restricted mortgage that end up costing you thousands more in unnecessary fees and limit you from leaving the lender during the term unless you sell the property.
Here’s an easier way to find and secure a non restricted mortgage with the best mortgage rate in Ontario