Posted in Don't be fooled by misleading offers from your bank, as despite what BMO says (for example), there is nothing SMART about a mortgage that is fully closed for the term!
What does this mean? Last night I spoke to a client in desperate need of a mortgage refinance. In March, 2017, she locked into a 5 year closed term with BMO. In exchange for a marginally lower rate (0.2% lower) she ended up with a mortgage she cannot break for 5 years unless she outright sells the property. This is now a huge issue, as when BMO turned her down for a refinance to pay off higher interest credit cards and loans, she is unable to break this mortgage and seek financial assistance elsewhere.
We can still help her, but at the end of the day she'll end up paying more interest (and have a higher payment) by being forced to take a second mortgage.
At Simpligo, we understand that life circumstances change over time, and that you need more to a mortgage than just a great rate (we have those too by the way!).
Please give us a call at (613)394-5810 or send us a message if you are looking for a different approach in arranging your next mortgage.
#VericoSimpligoMortgages #SayNoToClosedMortgages #LowMortgageRates #MortgageRefinance
Don't be fooled!
April 10, 2019 @ 6:18 AM by:
