If you plan to live in the home for more than five years, you need not worry about portability that is, shifting the mortgage to a new property.
If you don’t plan on moving, refinancing or making huge prepayments in the upcoming five years, you can consider low-frills mortgages.
Most first-timer buyers opt for a 5-year fixed rate because they cannot afford an interest risk.
If you do go variable, look for one that maintains your payment the same regardless of interest rate variations. It’s easier for budgeting and gives you peace of mind if rates start climbing.
Private lenders offer online applications that don’t focus on scrutinizing your financial life but rather it focuses on getting you the amount you need.
The mortgage specialist that you work with often knows the inside details of your financial situation and the pros and cons that help them avail you the best options for you as a personalized service.
One positive point about a private mortgage is that you can select who you want to work with. When you go for a traditional mortgage lender you need to go with the person assigned by the bank for you.
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