This month I thought it would be great to share with you the ultimate mortgage checklist and how to get the best possible deals written by Robert Mclister for the Globe and Mail posted on October 16, 2013. Many of his recommendations are great for someone considering what is the best for their own mortgage needs today and in the near future.
I always discuss with my clients how important a good mortgage is and a great Mortgage Broker to help you with getting what you need. Call me anytime if you are looking for someone to help you, I work only with the best!
Robert Mclister starts off by explaining that the lowest possible rate is how many define a good mortgage. But that’s like judging the “best car” by the one with the lowest monthly payment.
He goes on to explain that anyone who’s had to cough up a mortgage penalty or deal with refinance limitations can vouch for one thing: Mortgage restrictions can easily outweigh small (e.g., 0.10 to 0.15 percentage point) differences in interest rates.
It’s tough to predict your refinance needs three or four years out. Statistics show that well over half of Canadians with a mortgage renegotiate before their term is up. And the average five-year borrower changes their mortgage every three-and-a-half years.
That’s why it often pays to trade a slightly lower rate for more flexibility, unless you know you won’t change your mortgage during its term. A cheap rate can certainly save hundreds of dollars up front. Just be sure it doesn’t cost thousands after closing.
On that note, here’s a list of questions to ask. Download the PDF version of this checklist and check the boxes one by one as you talk with your Mortgage Broker of choice. With a little effort, this list will help you snare the most feature-rich mortgage possible, at a rate that’s better than average.
Call me anytime to discuss your mortgage needs, happy to refer you to the experts and of course, if you know someone who is considering buying or selling, I am never too busy for your referrals!