Mortgage Up For Renewal?

Avoid This Common Mistake And You Will Secure The Best Mortgage Rates In Ontario

 

Why is it that consumers tend to focus more on the best mortgage rate rather than choosing a mortgage that combine the best rate with total flexibility and no bona-fide sales clause that restrict you from leaving the lender during the term unless you sell the house?

Well, because everywhere you turn, someone claims to offer the best mortgage rate and in most cases that might be true, but trying to figure which rate is the most suitable solution for your situation can be hard if you don’t know what I am about to share with you right now?

There are many factors that influence the rate you choose for your next mortgage renewal date.

Here are a few key pointers to keep in mind when discussing your mortgage with your mortgage advisor to ensure your needs are met right from the start:

  • Is the mortgage insured?
  • Is the mortgage conventional?
  • Is the property owner occupied?
  • Will you be renting out the property?
  • 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 break the mortgage and switch lenders during the term?
  • How the lender calculates the penalty?
  • Is the mortgage portable?
  • Is the mortgage assumable?

Ideally, you want to ensure you have secured the best mortgage rate in Canada with no bona fide sales clause and total flexibility throughout the term of your mortgage. Need help understanding your options? Click here to compare best mortgage rates in Ontario side by side.

Got more questions? Complete the form below and I will contact you to discuss your needs in greater details:

Thank you for your interest and we look forward to speaking with you.

About This Offer:
This article is brought to you by Mahmoud Hamdan (aka Mike) Licensed Mortgage Agent level 2. FSRA Lic # M09002218 since 2009. Brokerage: Mortgage Outlet Inc FSRA #12628.

Disclaimer: All offers are subject to lender qualifying criteria and E.&O.E.”