There’s more to a mortgage than a great mortgage rate
When you’re thinking about getting a mortgage, one of the first things that likely comes to mind is “what will my mortgage rate be?” While the mortgage rate can be important, there’s much more to a great mortgage than just the number on the paper. The right mortgage should include flexibility and expert advice that fits your unique needs.
In today’s world, where financial plans and life goals can shift quickly, having flexibility, support, and personalized advice built into your mortgage can save you stress, money, and even your long-term financial goals.
Let’s look beyond the mortgage rate and see what makes a great mortgage.
1. Flexibility when Life Changes
After buying your home, many homeowners assume they’ll stay put and keep the same mortgage for the full five-year term. However, life events can happen and cause you to change your thinking. Maybe you get a job offer in another city, decide to upgrade to a larger home, or come into an inheritance and want to pay off your mortgage earlier.
With Mainstreet, you have several options available to you to make sure your mortgage fits your needs. You can choose to blend and extend your mortgage without a penalty, or port your current mortgage over to your new home. Blend and extend’ allows you to update your mortgage term and rate without fully refinancing, while ‘porting’ means you can transfer your existing mortgage, including your rate and terms, to a new property. These options allow you to update your mortgage without starting from scratch.
A great mortgage deal isn’t just about the rate; it’s about having the choices available when life changes.
2. A Personalized Mortgage That Works for You
Every Mainstreet member is unique; that’s why our mortgage advisors take the time to get to know you and understand your needs and priorities. Whether you’re buying your first home or renewing your mortgage, we know that a “one size fits all” doesn’t fit everyone.
At Mainstreet, we offer various customized terms, such as:
- Open vs. closed mortgages
- Amortization periods that fit your budget
- Prepayment privileges
- Portable mortgages (take it with you when you move!)
A fixed-rate mortgage can be ideal for budgeting peace of mind, while a variable rate may suit those who expect interest rates to decline. Choosing an open mortgage may help if you plan to pay off your loan early, while a closed mortgage often comes with a lower rate. Each mortgage is unique to fit you; we take the time to understand you and the needs you have. We want to ensure you’re getting the right mortgage rate with the right terms for your life today and in the future. Your life isn’t one-size-fits-all—your mortgage shouldn’t be either.
3. Various Payment Options
Your mortgage should adapt to your life, not the other way around. That’s why Mainstreet offers flexible payment options to help you stay in control of your finances. Whether you prefer to pay weekly, bi-weekly, or monthly, you can choose a schedule that aligns with your income and budgeting habits.
Mainstreet mortgages also allow you to ‘bank’ extra payments if you’d prefer, so if life throws you a curveball, you can skip a payment using the funds you’ve already built up. And if you get a raise at work or come into extra funds, our flexible prepayment options let you pay down your mortgage faster and reduce your overall interest. It’s all about giving you more ways to manage your mortgage on your terms.
4. Advice That Makes a Long-Term Difference
The best mortgage rates are easy to compare, but it’s advice and guidance that truly shape your financial future. That’s why it’s important to work with a good mortgage advisor you can trust with one of the biggest purchases of your life.
At Mainstreet, you’ll be connected with a dedicated mortgage advisor who will walk you through every step of the mortgage process—from pre-approval to closing. They’ll take time to get to know your goals, lifestyle, and full financial picture, not just your rate needs.
Whether you’re buying your first home, upsizing, or renewing, our mortgage advisors are here to ensure your mortgage fits where you are now and where you want to go. It’s not about selling you a product. It’s about building a plan that works for you today and your future.
5. Renewing or Refinancing? Don’t Just Sign and Go
Many people renew their mortgage with the same lender simply out of convenience; in fact, many Canadians renew without reviewing their options, often missing out on better mortgage rates or more flexible terms. But your financial needs may have changed, and your mortgage should reflect that.
If you’re coming up for renewal, now is the perfect time to
- Review your mortgage rate and term
- Add flexible features such as a Home Equity Line of Credit
- Restructure for future plans, such as renovations or debt consolidation
In your appointment, our Mainstreet mortgage advisors will walk you through all the options available to you, so you get more than a great mortgage rate; you get a mortgage that works for you.
Buying Your First Home? Start Here
First-time homebuyers can often feel overwhelmed by the homebuying process, but just know you don’t have to do it alone. From getting pre-approved, understanding the fine print, and getting the right mortgage, we make the whole process simple and supportive.
With a pre-approval, you’ll know exactly what you can afford, making your search easier and less stressful. If you are a first-time homebuyer, read all our tips and tools to help guide you every step of the way.
The Bottom Line
A low mortgage rate is great, but at Mainstreet, you get so much more. Along with expert advice, flexible features, and a smooth mortgage process, you’ll enjoy added perks like a free chequing account and bonus rates on investment products! Being a credit union, we share our profits with you. The more business you do with us, the more we give back to you! Mainstreet is invested in you, we’re here to help you build a strong, flexible financial future that fits your unique needs. Book an appointment today with a Mainstreet Mortgage advisor or visit your local branch to get more than just a great mortgage rate.