Dotted Line

There has been a lot of press around low interest rates over the last few weeks. Products from many companies offering unreal rates and hoping borrowers will blindly sign on the dotted line. Before you put a pen to the paper, make sure you understand the fine print on low interest rate mortgages. Many of the products I have seen lately are basic mortgage products that could end up costing the borrower thousands of dollars in the long run. These mortgages offer few perks such as the inability to get out of the mortgage unless you sell your home, the inability to top up, blend or assume the mortgage at a later date, limited pre-payment options and penalties that are as high as 3% of the balance of the mortgage. When shopping for a mortgage you can look at it 2 ways, you can get the lowest rate possible and risk paying more in the long run or, you can take a competitive rate with all the flexibility you will need to save money in the long run. Ask me today about the best options for your mortgage. If you are looking for advise about a new or current mortgage, please call me today!