As a mortgage broker in Toronto that’s dedicated to every one of our clients, we want you to have good information. We don’t want to see anyone make bad decisions based on whims.
That’s why we’ve put together three questions you should ask any candidate.
Which Type of Mortgage is Best?
The answer to this question will depend on your goals and financial situation. For example, if you’re looking for a product that’s predictable and risk-averse, fixed-rate mortgages are a good choice. You can lock in a rate for the whole term which is usually five years.
Don’t forget there are other things you should be looking for beyond the best mortgage rates. Ask about the following.
Is a Short or Long Amortization Best?
Don’t confuse this with the mortgage term. That’s how long you’ll get a guaranteed rate. The amortization is the amount of time it will take you to pay off the full mortgage. The most common one is 25 years. You can get a shorter rate and pay the mortgage off faster. Remember, extending the period will lower the amount you pay monthly.
What Are The Other Costs?
Saving for your house is the first step. There are costs that you need to pay afterward including closing costs. These include items like property tax, maintenance fees, legal fees, and possibly a land transfer tax. Finally, don’t forget to ask about any prepayment penalties for breaking your mortgage early.
OMJ Mortgage Capital is a mortgage broker in Toronto with experience. Our team is dedicated to working with your individual needs. Give us a call today and ask about how we have direct access to almost every major lender in the country. Our proven track record includes the ability to fund and structure complex deals and an excellent portfolio of reliable funding.
