Here’s the thing. Do you want a super low mortgage rate? Or do you want to save the most money over time?
Those are very different scenarios. And too often, the lure of a no-frills rate – although tempting – can cost you a lot in the end.
There’s No Free Lunch.
Lenders offset low rates by building other factors into the fine print. Since rates are the simplest thing for consumers to compare, it’s easy to miss these important elements. Here’s why you should think twice before making a decision on rate alone.
·      High mortgage penalties can vary wildly and result in a penalty of thousands of dollars.
·      Refinance restrictions mean lost flexibility when you may need it most.
·      Collateral versus standard mortgages can severely limit you when it comes to shopping for the best mortgage at renewal.
·      Life insurance from a bank may not be portable to other properties you’ll purchase in the future.
·      Lack of mortgage planning means you may lose the big picture for the joy of a fraction of a percentage point.
Don’t get caught up in the race to the bottom.
Maybe the lowest rate will be your best option, but consider this: 63% of all mortgages are broken prior to renewal – with all the potential consequences.

A low interest rate is just one element in a great mortgage. Let us help you avoid the pitfalls of the free lunch, and plan for the banquet to come. 


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