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Why The Lowest Rate Is Not Always the Best Rate

Why The Lowest Rate Is Not Always the Best Rate

Every mortgage broker and lender posts their best mortgage rates on their website, their ads, and it's plastered on their walls. If they could tattoo it on your head they would. But, what most Canadians often learn too late is that the lowest rate often comes with clauses and "strings attached" that can have a drastic impact on your finances down the road.

"Always read the fine print" might be a cliche, but it's well known for a reason; that's where the nasty surprises are usually waiting. In the case of mortgages, the fine print often revolves around:
- Complex locking clauses for variable mortgages
- Shorter amortization
- High penalties for breaking the mortgage
- Unexpected fees or payments
- Exclusion of pre-payment options
- Strict limitations on the portability of the mortgage

If you accept the lender's best rate without first considering the harsh conditions, you may regret it in the future. That's why working with a mortgage broker who takes the time to learn your unique financial situation is so important; often we will suggest alternatives to the lowest rate if they're in your best interest. At Greenwood, we're not just focused on getting you the best rate, we try to find the mortgage product that works best for you.

Want to make sure your mortgage is the best fit for your family? Why not give us a call today to discuss your finances, so we can ensure you are on stable long term footing. Call us at 604.681.5544, or email us at admin@greenwoodmortgage.ca.  

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At Greenwood Estates and Mortgage Company, Mission, BC, we represent dozens of lenders and loan programs across Canada. With our experience in banking and finance we can help you find the best rates for your needs. Many years working in the banking and finance industry has given us a great network of contacts that we can use to find the best product for you. Mortgages, business loans, refinancing, credit lines and debt consolidation are our business.

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