Many Buyers looking to buy a home need to get financing in order to complete a successful purchase. Understanding mortgages and getting the best answers to your questions is imperative to a positive outcome. The following is information brought to you from a leading mortgage broker...
The Value of Expert Mortgage Advice.
aka The Perils of Choosing a Mortgage by Rate Alone!
OR…Drat, Now what do I do?!
When it comes time for the average Canadian consumer to consider his mortgage financing options, either for purchase or refinancing purposes, he is faced with a dizzying array of possibilities. Just like a sparkling, colourful candy store, there are delightful, delicious opportunities on every shelf. Unfortunately, just like with any sugar rush, the long term results can often leave him feeling dissatisfied and lethargic.
Of course, the lowest rate on your mortgage would appear to be the logical choice, why pay more? However, rate is only one of the factors to consider when designing your long term financing plans. Make sure you read the ingredient list!
Does your low rate mortgage provide limited prepayment opportunities? This may sound cynical, but the lenders who offer the low rate, no frill mortgages actually still want to make money!...They have created mortgages with very limited prepayment terms to ensure that they will regain their profits over the duration of the term of the mortgage. Why not choose a mortgage designed to accommodate your changing lifestyle needs.
Does the term of your mortgage match your life plans? Sure, the 5 year mortgage rate was great, but you knew your company was considering you for a promotion and transfer in 2 years, and now there is a hefty penalty to pay off your mortgage early! Too bad your lender doesn’t offer portability or assumption options! Or better yet, your broker should have advised you to choose a term in keeping with your life plans!
Who is the lender? Do you have a mysterious 1 800 # to reach your lender or do you have access to over 1100 branches nationwide offering extended hours and 6 day a week service?
Is your mortgage advisor providing you with a custom financing solution? Did your meeting with the mortgage broker start and end with him showing you the lowest rate on the market…..or did your experienced Mobile Mortgage Specialist discuss your current and future financial situation and then outline the best custom financing solution for your unique needs?
Make the long term, healthy choice….avoid high fructose corn syrup AND flashy, misleading mortgage products! “Visions of sugar plums…” are great in their place, but not when making one of the biggest financial decisions in your lifetime.
Call your TD Canada Trust Mobile Mortgage Specialist today and have them design your custom financing solution.
Erika van der Grinten
Mobile Mortgage Specialist
TD Canada Trust
Tel: 604 740 2694
Fax: 1 888 781 9592
Your Sunshine Coast Mortgage Expert!
Erika has helped many of our clients to complete successful home purchase transactions. Give her a call and set a time to talk about your financing needs and to get Pre-Approved for your mortgage.
If you are in the market to buy or sell we will be happy to talk with you and help your to realize your Real Estate Goals. Call us for an appointment.
Barbie and Shay
Barbie 604 741/1239
Shay 604 989.9888
Reaching YOUR Goal is OUR Mission