Mortgage - 7 Questions to Ask Your Banker
Planiprêt | 01 June 2025
Negotiating a mortgage is more complicated than negotiating just a rate. Unfortunately, clients too often lose thousands of dollars because they were poorly advised. Here are 7 questions that your banker should be able to answer:
- What is the penalty if I want to break my mortgage and how is it calculated?
- Is my mortgage transferable to another property? If yes, under what conditions?
- Can I convert my mortgage to a fixed rate?
- Is my mortgage subsidiary (blanket) or traditional?
- What are my pre-payment options?
- What factors influence the fluctuation of fixed rates?
- What factors influence the fluctuation of variable rates?
If your banker is unable to answer all the questions above, or if you don’t understand all the implications of the answers, then maybe it’s time to consult a mortgage broker. Mortgage brokers represent several lenders and can explain the terms and conditions of the different lenders and their impact.
Brokers are paid by the lenders, and the remuneration is similar from one lender to another so, unlike bankers who offer just their employer’s products, brokers have a vested interest in explaining the particulars of the various products.
Sign up for our email alerts in order to not miss out on anything in our blog!
Feel free to share this article with your friends, colleagues and family who might need it.
The content of this website is protected by copyright which is the exclusive property of Mortgage Planners – Mortgage Brokering Firm
The content of this website is protected by copyright which is the exclusive property of Mortgage Planners – Mortgage Brokering Firm
Other articles
Everything about the house is perfect except for the kitchen. What are my options?
Although the kitchen, the bathrooms as well as the floors are rarely to our taste when we visit houses for sale, is this a reason to reject a house th...
Read More
Speed Up Your Mortgage Payments and Save Money
What is the difference between an accelerated weekly payment and a non-accelerated payment? Simple! If your mortgage costs you $1,000 a month, and yo...
Read More
Changing jobs during the mortgage application process has its risks!
Receiving an exciting job offer while you're in the middle of buying a home may seem like great news. But be careful—a job change at the wrong time ca...
Read More
