What Matters Most

Avoid This Common Mistake And You Will Secure The Best 5 Year Fixed Rate In Ontario

–Posted By Mike Hamdan–
A Licensed Mortgage Agent With Dominion Lending Centres/Eagle Group Mortgages Since 2009

Why is it that consumers tend to focus more on rates rather than choosing a mortgage that combine the best rate and total flexibility?

Well, because everywhere you turn, someone claims to offer the best variable and fixed 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 broker or mortgage agent to ensure your needs are met right from the start:

  1. Is this an effective rate or the actual contract rate?
  2. If the proposed mortgage rate is an effective rate, what are the advantages and disadvantages between the two?
  3. Are there any restrictions if I proceed with the proposed mortgage?
  4. What are the prepayment options?
  5. What happens if I decide to sell the property during the term?
  6. Can I break the mortgage during the term to refinance my mortgage elsewhere?
  7. How the lender calculates the penalty?
  8. Is the mortgage portable?
  9. Is the mortgage assumable?

Ideally, you want to ensure the proposed mortgage combine the best rate and total flexibility. Need help understanding your options? Click here to discuss your options with an experienced mortgage professional near you.

About the contributor:
Mike Hamdan, has been a Licensed Mortgage Agent with Dominion Lending Centres/Eagle Group Mortgages since 2009. He has proven track record and many happy clients – Click on the link below, to read what some of his clients have to say: comfortablemortgagepayment.ca/testimonials

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