A typical mortgage specialist or broker hears the question, “What’s your best rate?” hundreds of times a year.
What they don’t hear quite so often is, “What’s your best term?” But it’s usually the most essential question.
With that in mind, we did a little piece in the Globe today about picking the right mortgage term. Most mortgage pros in Canada could draft a 100-page manual on this topic. We stuffed what we could into an 800-word article. Hopefully there’s a nugget or two that helps you assess your own borrower profile…
Nail the right term length the first time
Rob McLister, CMT
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Last modified: April 29, 2014
Very informative article Rob. Congrats on the Globe column.
Hi Rob,
Excellent tips. I fully agree that if you don’t have six months of liquid funds for emergencies, you should probably keep renting.
Where did Rob say that anyone without six months of liquid funds should rent?
Half of current mortgage holders live paycheque to paycheque so forget having access to 6 mo. of liquid funds. Maybe they too should rent?
Well written, Rob! Looking forward to the weekly column!
Great video, IDEAS is a great acronym to remember. Not only choosing the best term helps clients but they also see the value of choice we as brokers can provide.
Most of my clients just want the lowest rates which usually means the shortest term.
It doesn’t seem like your clients are very well advised.