Abdullah Shafique

Based on a true story!
A lot of people prefer going straight to the bank.

Little do they know, there is no harm in contacting a mortgage broker also.

A mortgage broker will present you with many options, and you can still have the choice with either getting a mortgage through your bank or making use of the cheaper options available to you through the broker.

Is interest rate the only factor in determining the superiority of a mortgage product?

Is a low-rate mortgage always better than a high-rate mortgage?

The answer is no. Let's have a short example from a fellow agent.

A couple decided to go with a mortgage that offered a very low rate, but it was closed.

Three years down the line, the wife got sick, and the husband had to refinance the mortgage to afford her medical bills.

As it was a closed mortgage, they had to pay up to $9000 in mortgage penalties.

By comparison, they would have only paid $2000 more in interest charges if they decided to go with a higher interest, open mortgage, which is free from pre payment penalties.

Life is unpredictable. Choose a mortgage agent that helps you make an informed and smart choice regarding your mortgage

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