Let's Chat: 604-612-6970

A common mistake many mortgage shoppers make is focusing only on rate. 

Don’t get me wrong, a low rate is important to me too but there are other considerations to keep top of mind when looking at a mortgage product.

Think of shopping for a mortgage like shopping for a new appliance. You want to balance the best price you with the features that meet your needs. 

The ‘best’ mortgage will be a balance of competitive rate & features most important to you.  These features can provide crucial flexibility when you need it most. In some cases, they may even end up saving you a lot of money.

So what features should you consider?

Prepayment privileges

The ability to increase your monthly payments or make lump-sum payments throughout the year. Become mortgage-free quicker with generous prepayment privileges. 

Rate hold

Some of the lowest rates on the market are advertised as “quick close” specials since they’re only guaranteed for as little as 30 days to funding. If you need more time opt for a mortgage with a 90- or 120-day rate hold. 


This allows you to “port,” or move, your existing mortgage from one property to another if you sell & buy a new home during the term. This allows you to avoid paying the prepayment penalty to break the term & saves the existing rate. 

Secured line of credit

For some a Home Equity Line of Credit (HELOC) may be important as it gives access to up to 65% of the home equity. If you have potential renovations or investment opportunities on the horizon, a line of credit could prove incredibly valuable. 


This option can give you some additional flexibility should you experience an unexpected life event and need to skip the occasional mortgage payment. Products vary by lender, but many generally allow up to one skipped payment per calendar year. 


Do you need some extra cash right after your purchase closes? This feature gives you back a percentage of the total mortgage amount as cash, which can be used to furnish your new home, complete a needed renovation, cover legal fees, etc. 

These are just some of the many mortgage features to consider. Call me if you have questions about these or others! 

#blog #mortgagfeatures #mortgagetips #lowrate #mortgagerate #mortgageoptions #portability #cashback #prepayment #skipapayment #thinkoutsidethebranch #morethanjustamortgage #mackenziemortgage #katymackenzie #mortgagebroker #vancouver #langley 

Click here to subscribe