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Beyond the Rate: How to Protect Your Equity and Save Money on Your Mortgage

Hey, it's Emily Miszk, your friendly neighbourhood mortgage broker here to talk about something important: what to look for in a mortgage beyond just rates.

Yes, I know rates are sexy, especially when they're at an all-time low, and Canadians are going crazy for real estate. But getting the lowest rate isn't the only thing you should focus on when it comes to your mortgage. You want to make sure you're paying the least amount of money to your bank/lender over your term, and that means finding a flexible mortgage with the right features.

Let me tell you, some low rate mortgages look good on the outside, but they can be restrictive and come with large penalties. Trust me, you don't want to end up paying a high penalty when you break your mortgage at the 36-month mark, which 60% of homeowners in Canada end up doing.

So, what should you look for in a mortgage besides a low-interest rate? You want a combination of flexibility, low potential penalties, and great advice. Here are some things to watch out for:

  • Prepayment Privileges: The ability to increase your mortgage payment and make a lump sum against your mortgage is crucial. This way, any extra payment goes directly against your principal, reducing your amortization.

  • Mortgage Penalty: Not all penalty calculations are created equal, and you want to make sure you're not getting hit with a huge penalty when you break your mortgage.

  • Portability: The ability to move your current mortgage and interest rate to another property can save you thousands of dollars in potential penalties and allow you to keep your attractive interest rate.

  • Customer Service: You want a lender with great customer service that will take care of you after your closing date.

By knowing the small print in the mortgage details, you're protecting the largest investment of your life. And trust me, your bank account will thank you later.

If you want to learn more about finding the right mortgage for you and protecting your equity, don't hesitate to contact me. Simply send me an email at, and let's chat about how I can help you with your next mortgage renewal.


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