Catherine Wong Bourbeau AMP
Agent # M08003033 - Mortgage Planner
April 2012...The truth behind the special 2.99%
It's likely that you've heard about the bank's rate special for 2.99% and are quite intrigued. I'm here to break the news that the best rate is not always the best mortgage.
What should you know?
As you can see, that 2.99% isn't as simple as it sounds. Of course, low rates are an important component to paying less interest over the long term, but there's much more to consider than just rate.
You should determine if a mortgage has good payment flexibility, pre-payment privileges, portability & assumability. You may want a re-advanceable option so you can use your equity later if you need it, particularly if you are worried about a downturn in income. The fine print rules are important to consider when a special offer like this is on the table.
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