Paramjit s. Girn – Mortgage Delivery Guy Mississauga

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Paramjit S. Girn

Welcome! Besides preparing quality content, we help Mississauga, Brampton, Toronto and GTA residents leverage their time and banks money efficiently to make them mortgage free quicker. Having said that, allow me to invite you to meet our licensed mortgage broker expert for an eye opening, no obligation session. Everyone who attends it, loves it. We are almost certain you will too. Don’t forget to down load your mortgage calculator app before you leave today.

Mortgage Rates

By the time you finish screening through this page you will clearly know what info lenders don’t talk about when you inquire about mortgage rates.

There is no shortage of rates options. There are many mortgage options out there for mortgage seekers to consider. However, you have to make sure that you understand what makes a mortgage rate best?

mortgage rates

Don’t get caught with a restrictive mortgage that prevents you from having flexibility.

For ease of understanding the topic we divide all the mortgage rates available to you in Ontario into 2 groups;

  1. Restrictive Mortgages:

    They are exactly what they sound like. These rates come with many restrictions, some that home owners are not aware of. However, if the lowest mortgage interest rate is what you are after, then this may be the best option for you.
  2. Liberating Mortgages:

    We offer a number of mortgage solutions that are customized for your specific situation. This solution look at more than just mortgage interest rates. If you are looking for flexibility in terms and conditions, a liberating mortgage rate is what you are looking for.

Learn more about which mortgage rates will fit you better. Click the link ahead and send in your availability to meet a Mortgage Broker

Best Mortgage Rates: Liberating vs Restrictive

Just like with life, you need some flexibility with your mortgage rates options

The name says it all, restrictive rates are mortgage products provided by lenders with lots of restrictions. They tend to be very primitive in nature and are primarily based on interest rates. Due to the availability of highly customizable mortgage products and once made aware, very few home buyers go for it.

Restrictive mortgages are for home owners who only care about the lowest possible interest rate and don’t have intentions to pay the mortgage off quickly.

However, before you make a rash decision that you could regret, Mortgage Delivery Guy wants to give you the tools to you to be well informed so that you can make an informed decision about best mortgage rate out there. The table below compares the features of restrictive and non-restrictive rates.

Mortgage Features Restrictive Mortgages Liberating Mortgages
Interest Rate Choice Fixed Only Your Choice – Fixed/ Variable
Interest Rate (%) 2.99%, 5 years fixed, 10% down; 25 years 2.99%, 5 years fixed, 10% down; 25 years
Pre Payment Only up to 10/10 Up to 25/25%
Secured -LOC Not Allowed Allowed
Portability Not Allowed Allowed
Renewal option 5 years fixed only Your Choice
Purchase + Repairs option Not Allowed Allowed
Fully Close(Have to Sell to Refinance) Yes No
Penalties IRD only 3 months Interest on VRM
Amortization Only 25 Years 30 years and up if qualify
Payment Skip option Not Allowed Allowed
Rental Property Not Allowed Allowed
Term 5 years Fixed only Your Choice
Cash Back Options Not Allowed Allowed
Blanket Mortgage option Not Allowed Allowed
Use of pre Maternity leave Income while on mat leave to qualify Not Allowed Allowed
What should you do to go to other bank for a mortgage in future? Have to Sell your property Free to refinance with any bank, any time WITHOUT selling your home

Be aware of the allure of restrictive mortgages aka No Frill Mortgages!

When it comes to restrictive rates, even if you forget everything else that you have read on this page, remember these two points:

  1. Lower mortgage rates are commonly used to bate people and to attract business
  2. In most cases, restrictive mortgages are not the best deal

To quickly speak to one of our broker on duty dial 1.800.808.1613 now or click the link ahead to send in your availability to meet a Mortgage Broker in Mississauga, Toronto area to discuss specifics about your needs and what option allows you to pay off your mortgage quicker while keeping the total interest paid lower.