Explore How You Can Be Mortgage FREE Faster Discover The Benefits Of An MCAP Mortgage
Purchasing a home is one of the largest investments we make and getting a mortgage is about more than finding the best rate. MCAP, one of Canada’s largest independent mortgage lenders has
answered some popular questions that can help you save money when considering a mortgage.
BROKER OR NO BROKER?
A broker can provide a range of mortgage products from various lenders to meet your specific situation. They’ll also manage the mortgage process to help make it a positive experience.
WHO CAN GIVE ME THE BEST RATE?
Brokers work with various lenders and can help you find a competitive rate. A recent survey1 by the Canadian Association of Accredited Mortgage Professionals shows 67% of those surveyed believe a top reason to consult a mortgage broker is to get the best rate.
WHICH MORTGAGE TERM SHOULD I CHOOSE?
A mortgage term is the number of years you commit to a lender at the agreed-to interest rate and conditions. You renew at the end of each term. You may want to go short-term if rates are set to fall, long-term if they’re trending up
WHICH AMORTIZATION LENGTH IS BEST?
The amortization period represents the number of years it takes to repay a mortgage loan. Choose an amortization period that lets you make comfortable payments you can afford.
DO I PAY MONTHLY, BI-WEEKLY OR WEEKLY?
Making payments more frequently reduces your amortization period and overall interest paid. A good tip is to arrange smaller, accelerated payments to coincide with pay periods.
WHAT ARE LUMP SUM PAYMENTS?
Some mortgages let you pay up to 20% of the original principal amount of the mortgage any time during each anniversary year of the mortgage, without penalty or administration fee. The entire
amount of these payments is applied directly against your principal balance.