February 5, 20263 min read
A strong mortgage plan starts by separating what is technically allowed from what is financially comfortable. A good mortgage conversation should cover far more than today's interest rate.
How lenders approach it
Here is what matters most:
- Ask which lenders were considered and why the recommended product fits your application.
- Ask how the prepayment penalty is calculated if you sell or refinance early.
- Confirm lump-sum, payment-increase and portability privileges.
- Ask what happens at renewal, whether the mortgage is registered as a standard or collateral charge, and what fees could apply to switch.
The broker should be able to explain both the advantages and the trade-offs of the recommended mortgage in plain language.
Want this applied to your own numbers?
Call Phil Cragg at 866-349-4915 or request a written comparison.
Request a rate quote