Mortgage Rate: Not the only thing to consider
Below are two examples that show why rate is not the only thing to consider when choosing a mortgage lender.
$360,000 Scotia Mortgage 1 year into a 5-year term, the clients payout their mortgage and are charged a penalty.
• Mortgage penalty the clients were actually charged $9500
• Penalty the clients would have been charged with a different lender $3200
• Difference $6300
$320,000 BMO mortgage 3 years into a 5-year term the clients went through a divorce and had to sell their home and payout their mortgage.
• Mortgage penalty the clients were actually charged $12,480
• Penalty the clients would have been charged with a different lender $2472
• Difference $10,008
This could happen to you… it is estimated that over 60% of mortgages do not make it full term and face some form of early payment penalty.
Let us help you get your mortgage application in front of the right lender for your situation.
If you want to discuss your personal situation, please let me know, as knowledge is power, and having the information will help you make a better decision? Call Daryl French today at 250-470-8843
This article was first published on https://royallepagekelowna.com.