Mortgage Coming 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 rates 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 out there 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.
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 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 the proposed mortgage offer combine the best mortgage rate and total flexibility. Need help understanding your options? Click here to compare best mortgage rates side by side.
Need more help? 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 offer 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.”