R Real Estate | More Than Just a Rate

Yes, rate is important. But sometimes chasing the best rate can be the most expensive decision you make. The most important aspect of your mortgage is knowing that it is structured in the best way that suits your short and long-term needs and knowing that you are working with someone who understands those goals.

  • The most important thing to determine is that your mortgage is structured in a way that best suits your short and long-term needs – especially if you have a growing family.
  • Statistics show that the average Canadian will change their mortgage or house every 3.5 years. If that’s the case, why do 90% of Canadians choose a 5-year term for their mortgage.
  • Since it’s quite likely you’ll be making a change to your mortgage within 5 years, you may want to look at the penalty for changing a mortgage before your term is due. You may think you saved money on the rate only to find out you’re paying much more in penalties to restructure things at a later date.
  • Have you looked at your mortgage needs beyond your point of purchase?
  • For example, what if you decided that you wanted to do a renovation or make an investment or consolidate some debt within the first 5 years of your mortgage – are you going to need a HELOC (Home Equity Line of Credit) to help with these costs. Some non-bank lenders have better rates but do not offer HELOCs – the cost of going with one of these lenders up front to save money on the rate could end up costing you a lot more in the long run to change or restructure your mortgage later on.
  • Does that great up front rate come with a collateral charge that could end up costing you a lot more in the end?
  • What is the cost of getting bad advice?
  • Does your mortgage come with advice?
  • We shop the market not only for a great rate – but also for the best structure to meet your current and long-term goals.
  • Getting the right advice can save you thousands of dollars over the course of your mortgage.