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.

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