So which mortgage should you go for? Well, as always, it’s incredibly important to read the fine print. BMO’s mortgage offer expires on January 25, and, because it’s closed, it doesn’t offer the flexibility to pay the mortgage off early. The 4-year options, in most cases, offer the same early payment flexibility as a typical open mortgage.
Remember, when shopping for a mortgage, you have to think about so much more than just the rate. If you might be moving before the mortgage term is up, you’re going to require something portable. If you’d like the flexibility to put down a lump sum and pay the mortgage off at some point, an open mortgage is more favourable than a closed. And when it comes to term length, most people move before a 5-year term is up anyway – so a 4-year term could be just perfect for you. Or, if you’re pretty sure you’re not going to move in the next 10 years, you may want to consider a 10-year mortgage which is currently sitting at record lows under 4%.
If you’re in doubt, feel free to drop me a line. I’d love to help you find the mortgage that is perfect for your needs, at a rate that you can afford.
