An RBC survey found that 96% of Canadians say a low rate is the most important feature of a mortgage. But the lowest mortgage rates aren’t necessarily the best rates.
Nor will you get the lowest rate if your mortgage doesn’t meet some very specific criteria.
That’s why we created this checklist: to illustrate exactly what impacts your rate, and how to lower your rate without sacrificing money-saving flexibility.
Mortgage flexibility is like insurance. You never know how valuable it is until you need it. As a borrower, one’s goal isn’t to get the lowest rate. It’s to minimize overall borrowing cost.
The interest rate is but one element of total borrowing cost. Other important facets include penalties, fees, conversion rates, rates on refinancing, rates on renewal, etc.
With that in mind, this checklist below will get you well on your way to finding your best rate. Click the image to click here to download the PDF version.