It’s true that on the web there is no shortage of information about mortgage rates. Big banks attract you to their products with their offerings. As an independent mortgage advisor, I have your best interests in mind. Whose interests do financial institutions with quarterly budgets and specific products have in mind? Are you aware that low rates may come with penalties? Any savings on interest rates can soon disappear with a large penalty. Why a large penalty? Moving, children, divorce and job change etc!
Six out of 10 Canadians will break their 5-year fixed rate mortgage early. This will generate a pre-payment penalty. You say you won’t break your mortgage but the stats don’t lie. On average between month 36 and 40, 60% will break their mortgage. A mortgage airbag in your contract can protect you against pre-payment.
I have up to 70 different lenders one of which that can provide you with the lowest rate and best air-bag contract.
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