Open Mortgages: 5 Fast Facts for Financial Wellbeing
Are you in the market for a new mortgage? Mortgage expert Kerry Mason shares her fast facts about open mortgages!
Committing to a mortgage is a big deal - and making sure you have the right type to suit your lifestyle and needs is crucial to your financial wellbeing.
Mortgage expert Kerry Mason of Taylor Made Mortgages in Burlington, Ontario has provided 5 fast facts about Open Mortgages to help you on the path to make the right decision for you and your lifestyle!
Open Mortgages Fast Facts
1. This type of mortgage allows you to prepay any amount at any time - so if you end up with an inheritance or extra special holiday bonus, you can put it towards paying down your mortgage!
2. Open mortgages tend to have a higher interest rate than closed rate mortgages: this is because open mortgages tend to have a shorter lifespan so you end up paying about the same (or less) interest at the end of the day.
3. Expecting a financial windfall? Open mortgages are often used for short-term lending situations when a payout is anticipated in the near future.
4. Getting a mortgage for a rental property? Open mortgages give you the flexibility needed for investment properties.
5. Short turnaround: open mortgages have a much shorter timelines, typically around six months, but up to a maximum of 1 year.
Kerry Mason and her team help those who may not be able to qualify for a mortgage in a traditional way - whether they are self-employed, first-time home buyers, investors, or looking to refinance.
Kerry and her team proudly work in Burlington, Ontario.
Visit their website HERE for more information.
Address: 581 Plains Rd E, Burlington, ON L7T 2E6
Phone: (289) 335-3357