5 Questions to Ask When You're Shopping for a Mortgage

By: Mary Jo Vradis

5 Questions to Ask When You're Shopping for a Mortgage

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When you look at your lifetime expenses, few will be bigger than your mortgage. For many, there still continues to be a cloud of uncertainty surrounding the major expense. 
 
According to LowestRates.ca, close to 40 per cent of Canadians surveyed didn’t know that bank mortgages are negotiable.
 
Questions to ask your banker when you are doing mortgage shopping: 
1. Is the rate you're quoting me the lowest I can possibly get, given my track record as a customer and my mortgage preferences?
2. If I find a lower rate for a similar product elsewhere, will you match it?
3. How long will the you hold my rate for?
4. What are the penalties if I want to re-negotiate my mortgage should rates go lower?
5. How much and when can I make extra payments each year?
 
These are important questions given your mortgage payment can eat up a large portion of your monthly living costs. You owe it to yourself to secure the lowest mortgage rate possible, and that requires doing a little homework, asking the tough questions, and standing up for yourself.