Use a mortgage consultant to beat the best posted rates.
There is no fee to you! The consultant uses one credit report to consultant to all potential lenders, he represents you not the bank, and will find a deal that beats the best posted rate. Often a full percentage point. For a $ 200,000 mortgage over a 5 year term this you save you TEN THOUSAND DOLLARS. Think what you could do with the savings! Top up your RSP, home improvements, or a mini vacation every year!
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Did you know that first time home buyers can use their RSPs to buy a home?
And that each spouse can use up to $ 20,000 each to do this? It is true. In fact you can even make your normal RSP contribution this year, obtain your tax refund, and still use these funds to buy your new home! By lowering your first mortgage as much as possible you will obtain the very best mortgage rates, fewer expenses and not need to 'insure' against default as a high ratio mortgage!
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Only buy private life and disability insurance coverage
Do NOT use a bank/trust creditor insurance. Private coverage has better value to you and your estate. And you decide how the proceeds are spent! Also, it is very important that you do not tie yourself to any one bank. At renewal time, you will want your mortgage consultant to be able to shop the market for you. In the future, if you are 'uninsurable' and unable to buy insurance privately or even obtain creditor insurance with another bank then you may have to sit at the same institution with a crummy mortgage rate at renewal. Why? Because you can not afford to leave! Because when you leave one bank for another institution your creditor insurance is not transferable. You will lose your coverage! With private insurance coverage you are covered no matter which lender you use or in the future change to!
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