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Choosing a mortgage 

Everyone loves a low mortgage rate, but there are other important factors to consider when financing your home.

  1. The term of your agreement.
    Look ahead. The rates may be higher when it’s time to renew at the end of your mortgage term, which could mean higher payments. Some people prefer the predictability of locking in a reasonable rate for a longer term, rather than the lowest rate for a shorter term.
  2. Your amortization period.
    A lower rate today may help you pay down your mortgage sooner. If you can afford to pay more towards your principal each month, you can shorten your mortgage by years.
  3. Flexible terms.
    The benefit of a rock-bottom interest rate may be offset by costs or prepayment penalties if you move or renegotiate before the end of your term. In some cases, more flexible mortgage features can save you money in the long run.
  4. The “cost” of discounts.
    Some publicly advertised mortgage rates seem like a good deal, but be aware that special rate offers often come with hefty conditions attached. Again, flexibility can be a valuable feature in a mortgage.
  5. Profit Share.
    Earn Profit Share on your Servus mortgage and use it to pay down your debt, add to your savings or buy an RRSP—there are so many possibilities.