Have you ever thought if a Low Mortgage Rate = Best Mortgage Solution?
Carolyn Maycock & Margaret Mots at Island Mortgage believe that a low mortgage rate is just the beginning. Mortgage Rates are generally the first thing that people consider during a home purchase mortgage.
You may want to consider more than just low mortgage rates because fees, prepayment penalties, secondary financing and other factors influence the suitability of a mortgage. All these things are contained in a mortgage deal, and rarely are they in black and white. There are several factors to consider such as:
- Penalty for Prepayment
- How long you plan to continue the mortgage for
- Your weekly/bi-weekly/monthly payment schedule
- Type of mortgage to choose (variable or fixed)
These are just a few of the criteria that should be considered before making a decision. Getting the lowest possible mortgage rate is always good, but it should not be the only consideration. With a cost-benefit analysis of your mortgage, you will end up with a product that serves your needs, and not necessarily the lowest rate in the Canadian market. Our mortgage calculators can help you review your financial options.
Contact us today for a full evaluation of your mortgage.