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A recent article in the Globe & Mail discussed the important things to consider when looking at your home financing options. They also came up with the Ultimate Mortgage Checklist. It definitely has some valuable information to determine what makes a good mortgage and all the questions to ask your mortgage provider or professional. Here's part of the article below:

"Anyone who’s had to cough up a mortgage penalty or deal with refinance limitations can vouch for one thing: Mortgage restrictions can easily outweigh small (e.g., 0.10 to 0.15 percentage point) differences in interest rates.

It’s tough to predict your refinance needs three or four years out. Statistics show that well over half of Canadians with a mortgage renegotiate before their term is up. And the average five-year borrower changes their mortgage every three-and-a-half years.

That’s why it often pays to trade a slightly lower rate for more flexibility, unless you know you won’t change your mortgage during its term. A cheap rate can certainly save hundreds of dollars up front. Just be sure it doesn’t cost thousands after closing.

On that note, here’s a list of questions to ask your mortgage expert of choice. Check the boxes one by one as you talk with your adviser. With a little effort, this list will help you snare the most feature-rich mortgage possible, at a rate that’s better than average".

Here's what you need to consider 

  • The rate
  • Extra payments
  • Penalties
  • Refinancing
  • Variable-rate mortgages
  • Other features
  • Extra costs
 
Tony Marchigiano1-155 Water Street
Mortgage BrokerVancouver, BC
 
cell: 604 505 7109
fax: 604 909 4666

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