Questions about flexibility that belong in every mortgage comparison.
Match the term to a realistic horizon
Think about how long you expect to keep the property and mortgage. A move, refinance or major repayment could change the value of an offer. Ask how the agreement handles those events rather than comparing the interest rate in isolation.
Ask about paying extra
Prepayment privileges describe when and how much extra you can repay without a charge. Find out the limits, dates and calculation basis, and what happens if you exceed them. The answer should come from the actual lender agreement.
Discuss portability and early exit
A portable mortgage may be transferable to another property subject to conditions. It is not an unconditional promise. Ask about qualification, timing, an increased loan and any costs that still apply.
Get the comparison in writing
Keep a simple summary of rate type, term, payment, prepayment options, break costs, fees and conditions for each option. Highlight the terms most likely to matter to your plans and ask for clarification wherever the wording is unclear.
Compare two possible futures
Consider one scenario where you stay for the full term and another where you sell or refinance early. Ask for the contract provisions that affect each scenario. A feature such as portability or a prepayment privilege only helps if its conditions fit what you intend to do.
How does this apply to your plans?
No obligation. A personal conversation with Tajwar.
Further reading: FCAC: Choosing a mortgageFCAC: Prepayment rights
General information, not a commitment to lend. Mortgage eligibility, costs and terms depend on your circumstances and the lender.