Top Five things to look for in a great Mortgage:
1. Portability- can you take it to a new property?
2. Pre payment privilege- How much of the mortgage can I pay off annually without penalty?
3. Payout penalty- How does the lender calculate the payout penalty? With an estimated 47% of 5 year mortgages not going to term it is important to note how an early repayment of the mortgage can impact you. The difference between lenders can be staggering!
4. Client servicing- how easy is it to deal with this lender? Do they have on line access? Can I make changes to my payment schedule? Can I talk to them?
5. Blend and Extend- Can I blend my current mortgage and rate and extend the term with the current best rate the lender has to offer without penalty?
You wouldn’t buy a home or car you couldn’t resell and you shouldn’t take a mortgage you can’t get out of
I hope these wise words from my two mortgage brokers help you!
Daryl Marsden: 403-605-5711 Verico Maximum Mortgages
Mike Harvey : 403-836-7100 Mortgage Architects