27 Nov Interest Shouldn’t Be The Only Factor That Influences Your Mortgage Decisions
First-time homeowners tend to look for the lowest interest rate available when considering which mortgage to purchase. However, it’s important to note that a low rate isn’t necessarily the only criteria that will determine which product is best suited to your lifestyle. Everybody’s circumstances are unique, and homeowners should seek out advice that considers their individual situation.
As an example, the mortgages on today’s market that offer incredibly low-interest rates almost always go hand in hand with very high penalties in the event of changes to the contract. This means that if you have to move for work or experience a career change, you’ll be looking at significant fees to pay.
While you might not anticipate any major life changes that could affect your mortgage, the statistics in Canada say otherwise. More than half of five-year fixed mortgages are broken before the term is up. Young families, in particular, are especially at risk for this situation, due to their higher likelihood of income and career growth. At such an early stage in their careers, they often are required to be flexible to make use of the opportunities that come their way. Additionally, they might unexpectedly have children or have aging parents and grandparents. These are some of the factors that can affect the possibility of their mortgages being broken or amended.
With that being said, there are numerous details and technicalities that can influence which mortgage is suitable for a given person or family. Purchasing a mortgage is a decision that will impact your financial plans and quality of life over a prolonged period of time – to ensure that you’re choosing one that’s the right fit for you, speak to an expert.
Capital Mortgages deals with these technicalities and regulations day in and day out. They’ll be able to help guide you through analyzing which option is best for you while highlighting factors beyond interest rates that may influence your decision. In almost all cases, a mortgage broker can help improve your outcome – whether they’re providing debt counseling, helping you improve your credit rating to increase your chances of approval or guiding you through one of your most important financial decisions yet.
Searching for a broker to help you navigate the mortgage decision-making process? Give us a call at 613-228-3888.