I happened to come across a very interesting article about mortgages and how most Canadians completely tune-out the important details of their mortgage.
Everyone seems to want to know the interest-rate, because that’s the score-card I guess, but beyond that most people don’t seem to care or appreciate the finer points, things like:
- Amortization period
- Pre-payment privileges
- Accelerated payment options
- Early repayment penalties
- Bona-fide sales clauses
There is a lot of fine print out there folks, so I’m not going to be bashful about this: If there’s something you don’t understand or would like to know more about, please ask your mortgage provider.
As an independent mortgage brokerage, it’s our job as agents to make sure you’re getting good advice and that you understand this terminology. We happen to have a pretty handy Canadian Mortgage Glossary here on the site and sometimes our Mortgage Frequently Asked Questions can come in handy as well…but if these aren’t enough, please feel free to call one of our Licensed Mortgage Brokers to get a straight answer – we’re always willing to help out, even if you’re getting your mortgage elsewhere.