Why You Should Always Get  a Mortgage Through a Mortgage Broker

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Why You Should Always Get  A Mortgage Through A Mortgage Broker

The ideal mortgage deal for each prospective home buyer is unique. Clover Mortgage will offer you personalized services designed to find you a mortgage deal that best suits your individual needs. Our knowledgeable brokers know there are many factors beyond the rate itself to account for when assessing the quality and suitability of a mortgage. Clover Mortgage will put your interests first, by finding you the lowest rate possible with the features you desire, such as low penalty rates, great perks for pre-paying, an excellent rate hold period, and an appropriate term length. Other important components of a quality mortgage deal may include a flexible payment schedule, refinance options, and porting opportunities. 

While the cheapest mortgage available may result in some savings, it is often at the expense of flexibility and reasonable penalties. A mortgage at the cheapest rate that lacks any features could even be more expensive in comparison to a full-feature mortgage. For example, if your cheaper mortgage does not allow or has steep penalties for porting, the act of moving your mortgage with its terms and conditions from one property to another, you could be facing astronomical prepayment penalties or could even fail to keep your current rate. Huge fines could also result from refinancing your loan. Any savings from a featureless mortgage may not be worth the potential costs, especially considering that a full feature rate may only be 20 to 30 base points higher. 

To critically assess the rate and the type of features that are right for you, both presently and in the future, it would be a good idea to reflect on your long-term goals. A few important questions specific to mortgages should be addressed, such as the likelihood of moving while paying a mortgage and the standing of your qualifications in the case of refinancing. It would also be prudent to predict career-related details, like income stability, work bonuses, and your financial circumstances, as these details are highly relevant to any long-term budget. Living with others, starting a family, or other personal plans can also have a substantial impact on the flexibility and rate of the mortgage you would need to fit your needs. 

We have mortgage brokers that specialize in residential mortgages. By working with one of our brokers, you will have access to dozens of mortgage deals from over 50 lenders, ensuring that you can find a mortgage with the best rate and features to satisfy your particular requirements. Find the perfect mortgage for you with Clover Mortgage.

Call or text us today at 416-674-6222 or toll free at 1-800-673-2230, or email us at info@clovermortgage.ca for your free no obligation mortgage consultation and to speak with an experienced professional mortgage broker.

Steven Tulman
Written By Steven Tulman
“Making the process of getting a mortgage an easy and enjoyable experience for every Clover Mortgage client!”