Leah Zlatkin featured in CMP Magazine: ‘Canadians urged to look beyond interest rates when choosing a mortgage’

When it comes to choosing a mortgage, there’s more to consider than just the rate – and taking terms and conditions into consideration is something many homebuyers often overlook, according to licensed mortgage broker, Leah Zlatkin.

That can lead to costly surprises, Zlatkin said in a new analysis, when the mortgage gets underway.

“Mortgages are complex financial agreements, and it’s not always clear what you’re agreeing to,” Zlatkin said.

“Beyond the interest rate, it’s important to look at the overall structure, potential fees, and penalties that could become very expensive if your plans change. Knowing what to watch for can help you avoid costly surprises, especially with so many renewals happening right now.”

Zlatkin recommends homebuyers focus on four key areas before signing a mortgage:

• Look beyond the rate. Low rates may have restrictions, such as limited prepayments or high early repayment penalties.
• Understand all additional charges. Buyers should request a full breakdown of fees – including administrative, appraisal, and legal costs – to prevent unexpected expenses.
• Know how penalties are calculated. Early repayment, refinancing, or moving can result in penalties worth tens of thousands of dollars.
• Consider long-term flexibility. Features like portability, ease of refinancing, and prepayment privileges can save money over time, even with a slightly higher rate.