It’s a common misperception that the lowest rate is the best indicator of mortgage value. It might be… but it could also cost you thousands in hard earned cash.
To put things in perspective, on a $100,000 mortgage amortized over 30yrs, the difference between 2.49% and 2.59% is only about $5/month and a mere $309 for the 5 year term. Is that really all there is to choosing a mortgage?
Most likely, the lender down the street will match the rate to get your business. Now what? Which one should you choose? The product that represents ‘best value’ is the one with term, features and privileges most relevant to your short and long term goals. We’ll discuss these in future articles.
Want to know more? Surf at www.tellmemortgage.ca or call or email me to discuss your unique mortgage needs today!