Not all mortgages are structured equally RealEstate Homes FirstTimeHomebuyers
“It’s not just about rates. As a wise broker once said to me, you can buy the cheapest hamburger, but are you going to get the best ingredients?”
Committing to a low interest rate and to keeping the mortgage intact for the length of the term may sound easy, but on average, many homeowners think about refinancing within 3.5 years of signing their mortgage papers. “How a port works is the existing balance and mortgage rate get transferred to a new property and then any increase in the mortgage will be subject to the current rates, whatever they are at that point in time. This is important with interest rates being so low,” says Collin Bruce, mortgage broker and franchise owner of Dominion Lending Centres, Mortgage Mentors in Edmonton.Article content
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