Linda Linfoot - Keeping You Informed
The Calm Within The Storm
With volatile markets and economic uncertainty continuing to make headlines, it's hard for consumers to guess which direction interest rates may be headed towards, and therefore what they should do about their mortgage plans. A mortgage advisor's job is to make sense of this for you.
Your mortgage is likely your largest financial commitment, so it's worth taking the time to ask as many questions as necessary to fully understand each option your mortgage advisor presents to you. For example, don't hesitate to ask why one product may be recommended over another, if there are any pre-payment penalties, if the mortgage is portable, and how your loan and its terms fit into your overall financial plans.
It's beneficial to ask for a refresher on basic mortgage options. Start with considering the differences between an open and a closed mortgage, the benefits of a fixed versus a variable rate option, where short-term mortgages should be considered versus long-term mortgages, and how paying monthly, bi-monthly, weekly or bi-weekly compares in both the immediate and the long-term picture.
Ask what the most important feature of a mortgage is. It may surprise you that it may not be the rate! In fact, what's important to borrowers can be as different as the borrowers themselves, depending on a whole range of factors.
Take the stress out of today's conflicting messages by calling for a full overview of Canada's mortgage market. Allow us to simplify your decision for you.
