Open or Closed Mortgage? Fixed or Variable Rate?
Each type of mortgage has slightly different features which appeal to different people. While an open mortgage gives you the flexibility of making extra payments or paying off the mortgage completely, a closed mortgage has a lower interest rate. Some people may take comfort in knowing that the interest rate will not increase during the term of a fixed mortgage, but others may accept fluctuations in their variable rate mortgage in exchange for potential long term savings or the chance to pay their mortgage faster. The right mortgage for you is the one that best matches your overall comfort level and fits with your income and lifestyle.
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Mortgage Features & Options You Should Know About
A mortgage is a mortgage, right? Wrong. You may want a flexible payment feature which allows you to make an extra payment or skip a payment. Or maybe you consider portability important when you sell and want to transfer your mortgage to the new purchase. Want to prepay your mortgage? A mortgage broker will thoroughly analyze your needs and help you find the mortgage that is right for you.
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Other Types of Mortgages
There are many different types of mortgages available. Before you choose, contact a mortgage broker to help you determine what type of mortgage you require and what the options are.
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6 Key Questions to Ask When You’re Shopping for a Mortgage
When youre entering the world of real estate and buying and selling property, you want a professional who puts your best interests first. As a licensed professional, a mortgage broker is there to answer all your questions, provide options and assist you in picking a mortgage product that best suits your needs.
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Managing the Total Cost of Home Ownership
Working with a team of professionals, a REALTOR can help you save money on the purchase of your new home, while a mortgage broker can help you save money over the life of your mortgage.
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Money Saving Tip – Prepayment
Any extra payments you make, whether monthly or annually, will significantly reduce your interest cost over the life of the mortgage and you will become mortgage free sooner!
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