Best Mortgage Package – Shopping List

best mortgage package shopping listA cheap rate can certainly save hundreds of dollars up front. Just make sure it doesn’t cost thousands of dollars after closing.

The below Best Mortgage Package Shopping List features have a strong influence on your ability to save money, much more than a discount of 0.1-0.15% in rate will do.

We’ve prepared a “shopping list” for you to cover most angles.
Come prepared for your meeting with your mortgage broker and your bank:

Click on the question to have the “behind-the-scenes” peek.

About the Rate

1. What is your best rate?
2. Given my qualifications and needs, can I get the best rate?
3. For how long can I get a rate-hold?
4. If I my bank give me a lower rate, will you match it?
5. When my lender’s rates drop, will I be able to get the rate lower?
6. Can I get a pre-approval at this rate?
7. Does the lender offer best rates at renewal or the posted ones?

 

Pre-Payment options

8. How much extra can I prepay each year without penalty?
9. When can I make these prepayments?
10. How much can I increase my ongoing payments each year?

 

Penalties

11. Can I break my mortgage at any given time without penalty?
12. How do you calculate my penalty?
13. Can I port my current mortgage to my new home; is there any limitation? Do I pay penalties?
14. If I break the mortgage early, how can I lower the penalty?

 

What are my costs and who pays them?

15. a) Appraisal
15. b) Legal fees
15. c) Inspection
15. d) Property transfer tax
15. e) Home insurance
15. f) Processing, Application and Cancellation fees
15. g) Discharge fee
15. h) Title insurance

 

Refinancing

16. Can I refinance whenever I choose to?
17. Can I roll in my refinance or switch costs to the new mortgage?
18. Is my mortgage re-advancable?
19. Can I extend my mortgage during the term at best rates and without penalty?

 

Variable Rate Mortgages

20. Does this variable rate mortgage have any restrictions?
21. Do you always change the prime according to the overnight rate posted by Bank of Canada?
22. Can I convert my variable rate to fixed at any time?
23. Can I keep my payment the same so it won’t fluctuate with the prime?

 

Managing Your Mortgage: Service During and After

24. How long does it take to get an approval? Am I assigned a mortgage professional to be with me along the way?
25. What are your qualifications as a mortgage advisor?
26. After I get the mortgage, if I have a problem, who do I call?
27. Can I get an online access to my account?
28. Why did you choose the mortgage package you are offering now for me?
29. Will my mortgage advisor contact me annually for a mortgage check-up?

 

Other Features

30. What is the maximum amortization I can get?
31. I’m willing to work only with banks or credit unions with branches. Do you have any?
32. Do you have the “skip a payment” option?
33. Are there any implications I should be aware of, when my mortgage includes “cash back”?
34. If I take life insurance with you, can I carry it on with a new lender in the end of the term?
35. Is my mortgage a 'collateral charge' mortgage?

 

Note: This checklist assumes you’re a best borrower with a high credit score and supporting income who is getting a mortgage on his/her primary residence. If this this is not the case, other important questions will apply.

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