Angela Calla was featured on the Globe & Mail article entitled: “Low rates, high flexibility ” issued on April 23rd, 2015
“An impending mortgage renewal is also a good time to explore the range of options offered by various providers, says Angela Calla, a licensed mortgage professional at Dominion Lending Centres, which helps homeowners find the best mortgage offered by Canada’s largest banks, credit unions, trust companies and other financial institutions. She notes that licensed or accredited mortgage professionals are required by law to present the best mortgage options to their clients.
Ms. Calla cautions against making mortgage renewal decisions based solely on interest rates, especially when there’s a possibility that the mortgage will need to be modified partway through the term, due to a host of reasons ranging from a relocation, change in health or income, or a change in the interest rate market.
“Fixed-rate mortgages generally incur the highest penalties for future modifications,” she says. “Now some lenders are changing their terms to include high exit fees on variables.”
Waiting until the last minute – or even past the maturity date – to make a decision about mortgage renewal is not a good idea, she says. Most lenders will automatically put mortgages that have not been renewed into a six-month closed mortgage, “and your payments can suddenly triple,” says Ms. Calla.
“That creates pressure for you to sign something quickly,” she says. “The sooner you start thinking about your mortgage renewal – four months is ample time – and exploring all the options available to you, the better.”
Find the full article HERE
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