What Matters Most
Looking for the best variable rate in Ontario?
–Posted By Mike Hamdan–
A Licensed Mortgage Agent With Dominion Lending Centres/Eagle Group Mortgages Since 2009
When it comes to securing the best 5 year variable rate in Ontario, consumers tend to focus more on rates rather than choosing a mortgage that combine the best rate and total flexibility.
There are many factors that influence the rate you choose.
Here are a few pointers to keep in mind when discussing your mortgage with your broker or mortgage agent to ensure you have a better understanding right from the start:
- Is this an effective rate or the actual contract rate?
- If the proposed mortgage is an effective rate, what are the advantages and disadvantages between the two?
- Are there any restrictions if I proceed with the proposed mortgage rate?
- What are the prepayment options?
- What happens if I decide to sell the property during the term?
- Can I leave the lender during the term to refinance my mortgage elsewhere?
- 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 rates and total flexibility. Need help comparing mortgage options and rates? Click here for a list of mortgage providers 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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