Mortgage Smart Tip for Canadian First Time Home Buyers – Beneficial Mortgage Extras

Buying your first home can be a daunting process including figuring out the right mortgage and options for you.  One part of this is knowing about Any Beneficial Mortgage Extras.  Here let’s talk about its definition and what it really means, the options available and how do you choose the right one for you?

Definition:  These are any extras or benefits that are provided by the lender either on closing or during the term of the mortgage that meet your needs and you find of value

Options: Some lenders may offer some extra “perks ‘n’ services” and here are some examples:

       On-line access to your mortgage 24/7 to change the payment date, frequency, amount, pay lump sums, track property tax payments etc.

       Appraisal fees covered or at a reduced amount

       Free services such as Warranty and Maintenance Coverage for your home (plumbing, electric, heating, air)

       Small cash backs or credits on closing for your closing costs

       They will collect your property taxes with each mortgage payment and administer that for you at no extra cost

       Pre-Approved for a credit card, line of credit or personal loan

       Branches on each corner with extended opening hours

       Air miles or incentive points

       Membership for a small fee that may pay you annual dividends (traditionally with Credit Unions)

Remember, not ALL of these are available with every lender so deciding which of these you absolutely MUST HAVE, even if it means a higher interest rate, may be important to you.