When is a No Frills Mortgage Right for you?

Recently many lenders have been providing Mortgage Brokers such as us with No Frills Mortgages at unbelievable rates.  That’s great news to any borrower.  However this is a mortgage that is designed for a specific borrower.

First, it’s always the best pricing for a 5-year fixed rate mortgage, hands down!

But there are no pre-payment privileges!  This is important for you to know before making a decision that you have to live with for 5 years.

Let’s be clear, most First Time Home Buyers can’t afford to make extra payments in addition to the mortgage, so for them this is a great choice.  For those who’ve had a home for a while and who have stable employment, it may not be the best option because they may want to make lump sum payments to reduce their principal.

Let one of my helpful experienced staff point you in the right direction when you need to know if a No Frills Mortgage is right for you. Contact us today!

Elfie Hayes as seen on the CTV National News, Rogers TV, published in RENO & Décor Magazine and profiled in Canadian Mortgage Professional Magazine.