Mortgage Smart Tip for Canadian First Time Home Buyers – Hidden Mortgage Surprises

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 Hidden Mortgage Surprises.  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:  Anything that may surprise you that you don’t find out about until it’s too late

Options:  You can avoid any surprises by working with a mortgage professional who will walk you thru the good, bad and ugly of all the mortgage options and terms already discussed today.  Here are some hidden surprises that many clients are not aware of:

       Fees involved for extra statements being created, NSF fees, etc.

       You can’t repay the mortgage back unless you sell your home

       You can’t port your mortgage or have it assumed

       The penalty to break is tens of thousands of dollars

       You can’t refinance at all until after the term is up

       You can’t skip a payment

       The lenders customer service doesn’t meet basic standards

       The lender doesn’t automatically offer you a renewal (due to default)