Mortgagors incur borrowing costs on three separate occasions:
- On signing
- During the term of the mortgage
Pop Quiz: How can you choose the right mortgage from the outset, and minimize costs at each of the 3 stages?
Answer: Work with an Accredited Mortgage Broker, like me, Tracy Irwin. Not only do I have access to a number of lenders, my services are FREE to borrowers, fees are paid by the lender.
Besides the term and interest rate, other characteristics may impact borrowing costs, including:
- breakage restrictions
- refinance flexibility
- prepayment provisions
- mortgage penalty calculations
- rate conversion policies, etc.
Pop Quiz: How is it possible to compare the hypothetical borrowing cost of a mortgage without a given feature, to the hypothetical borrowing cost with that feature?
Answer: Work with an Accredited Mortgage Broker, like me! I will be able to calculate and run scenarios specific to you and your situation.
As a Mortgage "Prof", I take great pride in mentoring clients so they can graduate magna cum laude from their mortgage. Contact me today! Class dismissed.