CTV News - Getting the best deal on your mortgage
Ottawa Mortgage Broker Frank Napolitano joins Leanne Cusack to talk mortgages. The pair discuss mortgage rates, how to get the best deal, and what all Canadians need to know about their mortgages.
Click here for the full video from CTV.
Ottawa Mortgage Broker Frank Napolitano took some time out to talk to CTV's Leanne Cusack about mortgages, and what every Canadian should know whether renewing, refinancing or applying for their first mortgage.
Mortgage rates are heavily featured in the headlines these days, and tend to be the feature of mortgages Canadians are concerned about the most. What many don't think of, however, is how much money can be saved by simply not accepting that first offer from a bank. Negotiating your mortgage rate down one, or even half a percent can be the difference of thousands of dollars over the term of your mortgage.
Some more helpful hints Frank shares:
- Start shopping around your mortgage 4-6 months prior to your renewal date. If you find a great rate, obtain a 4 month rate hold to ensure you still get it if rates rise.
- Bi-weekly and weekly accelerated payments can pay your mortgage off faster, but be mindful of longer months that will necessitate more payments, and work it into your budget. Frank recommends setting up your payments to correspond with your pay.
- Take advantage of the lump sum payment options available for your mortgage. For most lenders, this is 15 or 20% of the original balance, per calendar year. It is also important to note that the entire amount does not have to be paid all at once, you can stagger payments throughout the calendar year for convenience.