Not all mortgages are created equal. In fact most mortgages, even within a single financial institution, will vary from one another. Pre-payment privileges, portability, increased payment and extra payment privileges, payment holidays, and all sorts of other issues come into play.
Read more: The Devil In The Fine Print – some mortgages have restrictions
There are not too many Canadians these days who blindly accept the posted rate on a mortgage, but that doesn’t mean no one should care when the banks drop their published rates.
Read more: Why you should care about the banks’ posted rates on mortgages
Have you ever wondered why your neighbour or brother-in-law just got a lower or higher interest rate on a new mortgage than you just got?
Reasons for differences, and sometimes they are significant, can be many and varied, including your income, income source, province of residence, type of property being mortgaged, credit score, specific privileges required, and much more.
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