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What's your 5-year rate?

The first question I usually get when a potential client calls me is, what is your mortgage rate for five years? 

It makes me wonder if that is the only thing that's important when you are shopping for a mortgage. 

I was speaking with a financial planner colleague and he told me he almost never has clients call him and ask the price of a certain mutual fund or stock. 

We began to talk and realized that mortgage brokers by advertising "best rates" and "lower rates than your bank" have trained their clients to ask for the best rate. 

Is rate really all that important when you are talking about the largest debt you probably will ever have?

When clients choose a financial planner, they usually ask questions about the planner's experience, outlook on the market, past record with clients' portfolios, but certainly not rate or price. 

Mortgage clients ought to be doing the same thing. 

With all the current news about interest rates rising to further cool off the real estate market, it's important my clients have a plan to help them prepare for the payment shock in two to five years when interest rates may be up as much as two per cent. 

When was the last time your bank sent you an email advising you that their mortgage rates were going up and that you should increase your payment to keep your risk down? 

When was the last time your mortgage company called and told you over the last two to three years that your rate was higher than the current rate and perhaps you should investigate refinancing at a lower rate to save you money?

If you would like to have these strategies and more for your mortgage, then I suggest you give us a call at 250-862-1806. 

If you have an existing mortgage you can also sign up on our email list so that you will be notified when your lender increases their rates. 

Remember you should have someone who wants to help you manage your mortgage just like a financial planner manages your investment.

This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.

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About the Author

Tracy Head helps busy families get a head start on home ownership.

With today’s increasingly complicated mortgage rules, Tracy spends time getting to know her clients and helps them to better understand the mortgage process. She supports her clients before, during, and after their mortgage is in place.

Tracy works closely with her clients, offering advice and options. With access to more than 40 different lenders. She is able to assist with residential, commercial, and reverse mortgages in order to match the needs of her clients with the right mortgage package.

Tracy works hard to find the right fit for her clients and provide support for years down the road.

Call Tracy at 250-826-5857 or reach out by email [email protected]

Visit her website at www.headstartmortgages.com

Download her app: Headstart Mortgage Architects

 

 



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The views expressed are strictly those of the author and not necessarily those of Castanet. Castanet does not warrant the contents.

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