I recently was helping a client to compare the difference between a standard rate vs. a low rate mortgage. Some low rate mortgages have restrictions that you must know before deciding.

Below is what I have calculated for my client:

Now, the main question is:

“Is the savings of $313/year (or $26/m in interest) worth potentially paying for a higher mortgage penalty if you decided to move or sell the property?”

Depending on your preference, the answer maybe it’s worth it or not worth it. It’s always good to look at the whole picture before deciding on what mortgage product you want to have.

If you want comparisons like this, please don’t hesitate to contact me!

Warmest regards,

Andy Wai

T: 778-323-9449

E: Andypywai@gmail.com