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Title: Beyond Rates: The Fine Print in Mortgages That Will Save You Money (And Maybe a Few Headaches

Hey there, mortgage hunters! Emily Miszk here to talk about what really matters in a mortgage besides those sexy low-interest rates. Yes, rates are at an all-time low and Canadians are going crazy for real estate, but there's more to it than just a low rate.

Sure, you want a low rate, but what you really need is a flexible mortgage with the right features that will protect your equity and save you money over the long term. Trust me, you don't want to end up with a restrictive mortgage with big penalties and bad advice.

And here's a fun fact for you: 60% of homeowners in Canada break their mortgage at the 36-month mark. Lenders are counting on this, which is why they factor in high penalties into their projections and bottom line. Sneaky, huh?

So, how do you pay the least amount of money to your lender over your term? It's a combination of a low-interest rate, flexibility, low potential penalties, and great advice. Here are some things to watch out for:

  • Prepayment Privileges: The ability to make extra payments or a lump sum against your mortgage is key. It'll go directly against your principal and reduce your mortgage length, saving you money in the long run.

  • Mortgage Penalty: Not all penalty calculations are created equal, and you don't want to be hit with a big penalty when you break your mortgage. Fixed vs. variable rate penalties are different, and lenders have their own ways of calculating it.

  • Portability: Moving your mortgage and interest rate to another property could save you thousands of dollars in potential penalties and keep your attractive rate.

  • Customer Service: You want a lender with great customer service that will take care of you even after the closing date. Trust me, you don't want to deal with a lender who ghosted you after closing.

So, don't just focus on rates when it comes to your mortgage. Read the fine print, be aware of the small details, and go into the mortgage process with eyes wide open. Your bank account will thank you later, and who doesn't love a happy bank account?

If you want to learn more about finding the right mortgage with the right features and great advice, shoot me an email at Let's chat and make sure you're not getting trapped in a sneaky mortgage with big penalties.


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