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(NC)-Buying your first home often becomes
an overwhelming research project. From figuring out your family
budget to deciding on mortgage options, a lot of questions
usually result. You may be familiar with the basic options that
are available, such as variable and fixed rate mortgages, but
what about cash back mortgages, convertible 6/12 mortgages, or
even points towards free items and groceries for your new home?
While there are many choices, deciding
what's right for you and your family doesn't have to be a
headache - in fact, it can be a gratifying experience!
Aside from securing a low rate, taking
advantage of extra options and incentives can really help you
with your mortgage. Here are a few options that are available:
- Cash Back Mortgages - With this option,
you can get cash back on a fixed rate mortgage with fixed
payments. For example, with one of the mortgage options from
President's Choice Financial services, you can choose a
five-year fixed rate with three per cent cash back or a
seven-year fixed rate with four per cent cash back. You can use
that money to do things like finish the basement, buy new
furniture, or take a trip.
- Convertible 6/12 Mortgages - Selecting a
six or 12- month mortgage at a lower rate provides you with the
option of locking into a longer term, fixed rate mortgage at any
time without penalty.
- Points - A smart mortgage shopper looks
for more than just rates. Incentive points that can be redeemed
for items such as groceries, vacations, appliances and more are
another great perk offered by some lenders. For example,
President's Choice Financial services offers PC points when your
mortgage closes. Some mortgages even reward you with PC points
on each anniversary.
- Payment Options - Flexibility in payment
options such as accelerated weekly or bi-weekly payment options
can help pay off your mortgage faster and help match the needs
of your budget.
- Grace Periods - Some lenders provide
"rainy day" options on certain mortgages, which let you skip one
scheduled payment each year if you need to.
With so many interesting and flexible
options, it is possible to find a mortgage suitable for anyone's
needs. For more information, visit www.pcfinancial.ca.
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