What is the first thing that comes to your mind when you are thinking about getting a mortgage? If you are like the majority of Canadians you probably would say: rate.
Although rate is important in terms of getting the right mortgage, it is not the only factor you should consider when determining what mortgage is best suited for you.
I have the experience and knowledge on a variety of mortgage options, and can advise you on the various advantages and disadvantages of each. I will only touch on a few of the various options in the market, but hopefully illustrate that rate is only one piece of the puzzle.
Similar to most industries there is a large amount of jargon and idiosyncrasies that exist within the various conditions of a mortgage. At first these may appear insignificant, but if your financial situation suddenly changes these conditions may have a huge impact on what you can or can’t do. Take for example a condition that bonds you to the mortgage, even if you win the lottery and want to pay it out – you cannot.
There are also other important considerations worth discussing, such as prepayment penalties, collateral charge registration, prepayment privileges, fixed vs. variable, 2 year, 3 year, 4 year fixed, etc.
What you want are maximum options along with that best rate, as all mortgages are most certainly not created equal.