Following the recent news buzz about ultralow interest rates, below is a clip from my appearance on Global TV this morning.
The main point covered in the approximately five-minute video clip (which can be viewed here: http://youtu.be/GdBwFa-a184 ) is how low rates often come with HEAVY restrictions that don’t suit most borrowers, including:
- 3 times the penalty to get out of the mortgage, which can ONLY be done upon sale of the property, eating into your equity.
- If you need to lock in, it will cost you 0.5% more than what the average lender is currently offering.
- This is a Collateral Charge Mortgage, which means you will pay additional fees to switch lenders even after you complete your mortgage term. With this product, the lender essentially owns your equity by not giving you the ability to get secured lending for an equity line of credit for renovation, as an example.
As your trusted mortgage professional, my team ensures that you are matched with the mortgage that will result in the lowest cost of homeownership to protect you from making a costly mistake by not clearly understanding the terms.
We are always here to help ensure you – and those you care most about – have a clear understanding of what mortgage will save you the most amount of money. Please call or email us with any questions: 604-802-3983; callateam@dominionlending.ca.
Angela Calla, AMP
Dominion Lending Centres-Angela Calla Mortgage Team
Host of The Mortgage Show Saturdays at 7pm on CKNW AM980
Phone: 604-802-3983 Fax: 604-939-8795
“An introduction to someone you care about is a big responsibility…it’s also the biggest compliment a client can give us & it’s not taken lightly. We pledge to treat everyone that is referred to us with the utmost respect & professionalism”.
Reach my Team Chris Adkins & Johnny Hsu at 604-939-8777 & callateam@dominionlending.ca