(NC)-When the conversation at your next social event turns to the real estate market, don’t be surprised if a friendly game of mortgage rate comparison follows. Inevitably when people talk mortgages, they are usually talking about mortgage rates. But rate, albeit an important part of the mortgage equation, is only one factor to consider when shopping for a mortgage. In addition to finding a great rate, and choosing whether you are most comfortable with a variable or fixed-rate product, there are a number of other important items to consider before signing on the dotted line. In choosing a mortgage that’s right for you, consider the following:

. Savings Beyond the Rate – Look for a mortgage with the option to increase your regular payments and make lump sum payments throughout the year, not only on the anniversary date. Adding a few extra dollars onto some of your regular payments throughout the year can add up to big savings over the term of your mortgage.

. Flexibility – Consider a mortgage that will help you adjust to changes in your life. If you decide to sell your home, you should be able to either take your mortgage with you (port) or give your buyer the opportunity to take it over (assume) – penalty free, at your current rate, term and loan amount. And for when the unexpected happens, ensure your mortgage has the built-in flexibility that allows you to skip a payment at least once a year and pay it back when it’s convenient for you.

. Customer Service – When shopping for a mortgage, great customer service should begin from the moment you inquire about a company’s products through to the mortgage funding, and throughout its entire term. Ask friends and family which financial institutions they would recommended for outstanding service.

The next time mortgages become the topic of discussion, stand out from the crowd by knowing that the best mortgage is a combination of a great rate, great pre-payment features and great service, which ultimately allows you to save more money, and unmortgage yourself sooner.

To explore today’s great rates and the money saving features available click www.ingdirect.ca.

Credit: www.newscanada.com

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