Want interest rate options? Know the Language!

Have you noticed how low the mortgage rates are?

Make sure you know the product that you are being sold.

Are you being sold an ‘interest rate’?

2.99* – Wow! So low! It pretty much can’t get any better, right!?

These fancy stars (*) mean some RESTRICTIONS apply !!! Want to know what they are? Now is the time to get educated….pre-signing at the bank…

Things you should know about, ask about and educate yourself about.

  • Do you have prepayment privileges? (nope!)
  • Can you payout the mortgage if you choose to sell in a few years? (nope!)
  • What about a running account – Do you know what that is? (I bet you don’t, it LOCKS in your loyalty)
  • What is the amortization offered? (25 only. 30 year is out of the question – this affects your max purchase price.)
  • What credit score is needed?   (Average credit score of 700 the norm to qualify.)
  • Can I use a two-year average income to qualify or stated income?

Rates are attractive today. What about the product? There are many different products.

There are over 50 lenders and ‘The Big 6’ all have different products. Please make sure you find a mortgage product that fits your individual needs. Qualifying is not all you need, you need advice tailored to your lifestyle and future plans.

In my profession of selling homes, I have come across a few brilliant people who have been shocked to discover, over all the excitement around purchasing their home, that there is a $17,000 prepayment penalty.

I have a few favourite mortgage brokers whom I trust. They will make sure to put you first and provide a clear, smart decision to help with your purchase or refinance needs. Ask me today for a recommendation. I’d be happy to lend a hand.