CTV News - Mortgage Minute May 27

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On this week's episode of the Mortgage Minute, Mortgage Broker Frank Napolitano talks to Jeff Hopper about mortgage rates and renewals as we enter one of the busiest mortgage seasons of the year.

Low mortgage rates have been heavily featured in the news in recent weeks, and many are clamoring to lock one in. Frank reminds viewers that although a low rate is definitely a great feature of your mortgage, it shouldn't be the only focus when you are shopping for mortgage options. Many of the low rate mortgages advertised by large lenders come with many strict restrictions. Some even want their clients to bundle other services, like investments and insurance, to receive these promotions.

Frank also takes some time this week to talk about mortgage renewals, and advises not to wait until the last minute to renew your mortgage. Call your Mortgage Broker 4-6 months in advance of your maturity date to talk about your options. In many cases, a rate hold can be arranged for four months to ensure you are able to secure the lowest rate possible.

Talk to your Ottawa Mortgage Broker for more details.