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Mortgage With Nicki

The Importance of Choosing the Right Mortgage Features

The Importance of Choosing the Right Mortgage Features

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A common mistake some mortgage shoppers make is focusing entirely on getting the lowest mortgage rateDon’t get me wrong, a low rate is important, of course, and that’s my goal too. But there are also other considerations to keep top of mind when looking at a mortgage product: its features.   Think of shopping for a mortgage like shopping for a new appliance. Ultimately, you want to balance the best price you can find with the features that make the most sense based on your personal needs. Similarly, finding the ‘best’ mortgage typically involves securing the most competitive interest rate for the product that offers features that are most important to you. Those features could provide crucial flexibility when you need it most. In some cases, they may even end up saving you a lot more money.Let’s take a look at some of the key mortgage features you should watch for:

Prepayment Privileges

It’s the ability to increase your monthly payments or make lump-sum payments throughout the year. If you want the flexibility to become mortgage-free more quickly, look for a product 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 from the time you start your application, and only if it’s a live deal. If you need the flexibility of more time, opt for a mortgage with a 90- or 120-day rate hold. 

Portability

This allows you to “port,” or move, your existing mortgage from one property to another should you need to sell and buy a new home during your mortgage term. Porting the mortgage could save you the cost of paying a prepayment penalty if you otherwise had to break your mortgage.

Secured Line of Credit

For some, having a secured line of credit, or Home Equity Line of Credit (HELOC), included in your mortgage is important as it gives you access to up to 65% of your home equity. It’s also generally much cheaper than an unsecured line of credit. If you have potential renovations or investment opportunities on the horizon, a line of credit could prove incredibly valuable. 

Skip-A-Payment

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. 

Cash-back

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. The amount is amortized into the mortgage, so just be aware that you’ll be paying interest on that cash. These are just some of the many mortgage features to consider and some of their nuances. For a more detailed discussion about your specific needs and how some of these features could benefit you, give me a call today! I would be happy to be your mortgage broker in Red Deer.

 
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What My Clients Say
Katelyn Perry
Katelyn Perry
2023-04-25
Nicki did a fantastic job of breaking down the whole process! As a first time home buyer with a slightly different situation Nicki made it very straightforward and was always super quick to answer any questions. I could tell she was looking in the best interest of myself and made sure I was able to get approved and within the budget I could afford. She kept in constant contact even when things were slow going. I’m grateful to have such a wonderful mortgage broker that took my concerns and questions very serious. I can honestly say I’d recommend Nicki to anyone needing a mortgage broker!
Bob Doornenbal
Bob Doornenbal
2022-10-04
Sometimes life throws you curveballs and in my case I needed someone with extensive mortgage knowledge to focus on a solution and not the problem. Nicki was referred to me after I had tried so many others and she quickly understood my challenges and went to work on the solution. She is very consultative, responsive and easy to deal with. Highly recommended for anyone looking for any type of mortgage.
Tyler Scott
Tyler Scott
2022-09-06
Nicki was beyond amazing. She spent the last year + working with me to help buy my first help. From answering thousands of questions, to providing honest critiques to get me in the right direction. Will use again in the future, and highly recommend!
Karen Bee
Karen Bee
2022-06-03
Nicki made the process almost painless, and was helpful and supportive every step of the way with my complicated and unique mortgage needs. Highly recommend!
Lori Sealock
Lori Sealock
2022-05-24
Nicki has been absolutely FANTASTIC to deal with regarding our new mortgage. She is very knowledgeable and answered all our questions. She makes you feel so comfortable throughout the mortgage process and she is very easy to talk to and a great listener. She presented our options and helped us pick the best mortgage for us. She was there for us 24/7 whether is was a call, email or text. I highly recommend you give her a call! Thank you so much Nicki for all you done for us! Lori & Derek
Mitchell Heber
Mitchell Heber
2021-12-22
I don’t have enough good things to say about working with Nicki. Always takes the time to answer any questions you’ve got, regardless of how in depth or rudimentary they are.
morgan horn
morgan horn
2021-12-02
We bought our first home with Nickis help last month. I Loved working with Nicki. She was positive, patient, and she had all of our stuff worked out within days of us making our offer! I also love that she is a local working momma getting her cut from Big Bank. Thanks Nicki!
Chris Calve
Chris Calve
2021-11-24
Nicki was fantastic to work with. She was very professional and made getting my mortgage painless and easy.
Travis Fleming
Travis Fleming
2021-10-24
Nicki was very helpful and knowledgeable from start to finish! She answered any questions I had with ease and helped me understand everything I needed to know about getting my first mortgage. I would absolutely use Nicki again as my mortgage broker and would have no issues recommending her to anyone else. Thanks a lot Nicki!
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