The importance of a Mortgage "Term"
There's an old saying: "The lowest rate will save you hundreds, but the wrong term can cost you thousands."
Put another way: your mortgage term can have a far greater impact on interest cost than the up-front interest rate. That’s because your term determines the length of time you're locked into a rate. That, in turn, affects how long you'll overpay or underpay, relative to the other available options.
The wrong term can get mighty expensive if interest rates deviate from your assumptions, or if you need to break your mortgage early. It therefore pays to make the right choice from the get-go.
Remember: Almost anyone can find a low rate by browsing the Internet. Picking the right term on the other hand isn't so easy. Take some time, get good advice, and nail the right term the first time. Below you'll find bite-sized term reviews to give you a running start.
Call Natalie Korchuk direct to introduce reputable mortgage brokers to you! Cell: 647-500-6282 or email : nataliekorchuk@gmail.com