Is the Lowest Mortgage rate your best choice?

Share on facebook
Share on google
Share on twitter
Share on linkedin

Mortgage clients constantly tell me “I need the best mortgage rate.  What rate do you offer?” 

While the client is always right, and we always provide the best rate and terms, we do convey the need to look at the “extras” when selecting the best mortgage.  Extras include:

  • Low or no prepayment penalties
  • Generous pre-payment privileges
  • Cash back
  • Cash back clawbacks
  • Free home warranties
  • Professional mortgage planning
  • Low lender fees (if applicable)
  • Appraisal cost
  • Portability
  • Missed payment flexibility

Clients are attracted by even a 0.1% savings in mortgage rates.  But when you do the math, the relative importance of the “extras” become clear.  0.1% savings on the typical 5-year $250,000 mortgage equates to:

  • A difference in monthly payment of only $14
  • A savings of just $346 over five years on your mortgage balance

By choosing the right mortgage, just one of the extras here above could offset the interest rate 10 times over.  Think about that next time you’re mortgage shopping.



Leave a Replay

About Sky Financial

We incorporated The Mortgage Centre-Sky Financial Corp. in August 1992 in Edmonton Alberta. Furthermore we opened offices in Fort McMurray, Cold Lake, Grande Prairie, Red Deer, Stettler, Saskatoon, Moose Jaw and Prince George BC.

Recent Posts

Sign up for our Newsletter