How Important is Getting the Lowest Mortgage Rate?

What's your best rate? Is a question I am often asked. While rate is important, and a financial institution must be competitive in today's market, there are many other things to consider that could possibly save you more money over the life of the mortgage.

Your mortgage planner should be able to give you advice around the features and benefits of any mortgage option you are looking to consider. Some of these benefits and features to consider are:

•Pre-payment privileges and options

•Cash back

•Cash back clawbacks

•Professional mortgage planning

•Portability option

•Skip a payment flexibility

•The ability to split your mortgage balance between fixed & variable

•Account service charge rebates for having your mortgage at the financial institution

•The ability to have a line of credit to access equity

So the next time your in the market for a mortgage consider and review these items. Then ask as many questions as possible to determine if they are available and/or applicable


 

 Tony Marchigiano | Mortgage Specialist - Mortgage Sales BC Region, RBC Royal Bank | Royal Bank of Canada | T. 604-505-7109 | F. 778-737-0054