To be specific, people are usually attracted to the mortgage that has the lowest rate.

This can end up being a big mistake because the lowest mortgage rate does not usually translate to being the best. It is like purchasing or shopping for a condo based entirely on the price without reflecting on other factors such as nearby amenities, location, condo rules, etc. Depending on your financial position, it may be better choosing a fairly higher mortgage rate but with reasonable terms.

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A lower rate can cost you more; how is that possible?

The lowest interest rates are normally low since they come with constraints, and limit your flexibility. Actually, the mortgage companies may present you a low, fixed rate; however, they well know how to possibly make back more gains down the road, with fines or penalties for sudden changes or adjustments to your mortgage.
It is not a rare occurrence with other businesses to mirror this type of scenario (low rates translating to more costs). For instance, you may pay less for insurance, yet have a larger deductible in case something goes wrong. The same may apply to interest rates; the more flexible options or features you prefer can cost you a little more than a fixed, low-interest mortgage. However, in paying a bit more in terms of rate, you can easily fall in a good position financially if, or when, something unforeseen happens and you are abruptly in need of making an adjustment to your mortgage. Basically, without that flexibility, you may end up bearing grave consequences for your last minute mortgage changes.

Major considerations when shopping for mortgage rates

Just like all other features of your mortgage, when bargaining for your interest rate, you need to clearly lay down your options. Here are a few issues to reflect on when locking in your next mortgage.

  • Are my closing dates flexible? If they aren’t, what are the consequences?
  • What happens if I move and put up my house for sale before the mortgage is up?
  • What if I want to refinance as a result of an unanticipated job loss, home repairs, break-u etc.?
  • Is it possible to put some extra money down and pay off the mortgage? If it is doable, how much and when?
  • Will you get any kind of bonuses over the period of mortgage repayment?

What then is the best rate for you?

Life is unpredictable; we might not anticipate an illness, a move, break-up or other life changes when we initially secure a mortgage. Obviously, a no-frills, low-interest mortgage which can end up fining you for breaking or adjusting your mortgage can be upsetting. You do not wish to reflect back and find out that, even though you saved a little on interest, you eventually ended up paying thousands of dollars extra for unexpected charges. Make a wise decision and live knowing you won’t be caught unaware by penalties down the mortgage repayment road.

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Henry Wright

Was looking for a mortgage broker in Toronto. Heard about Leon and his team from a co worker and decided to give them a call. after some time on the phone talking about mortgages and what would work best for me I was VERY impressed. They were polite and most importantly they knew what they were talking about. We then scheduled an appointment and I got my mortgage with a great rate. Definitely recommend.

Gina Carroll

Got tired of sow service and mediocre rates from my bank, so I started looking for a mortgage broker. Had some family friends recommended Leon and his team, so decided to check them out. Was very impressed with Leon, he guided me through step by step, recommended a mortgage and I ended up switching to him. My rate is better and he always answers call and emails right away.

Wilton Marble

A little while back my wife and I finally decided to stop renting and get a place of our own. After some searching we found a condo we both liked and that was in our price range. The next step was a mortgage, but honestly, neither of us knew too much of what we were getting into. We found Leon and his team after a quick search on google and have had a wonderful experience. Leon and his team of mortgage brokers are VERY knowledgable, polite, work fast and just all around very professional. They answered all our questions and we got a great rate.

Afton Jaskolski

Getting a private mortgage was not easy to be honest, but at least with Mr. Leon it was doable. Thank you for your help!

Wendy Langdon

Going through with this company was my best decision. These Burlington mortgage brokers are real professionals. They helped me to save thousands of dollars, I'm not sure I'd find such a good offer myself.

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