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Are Mortgage Lenders The New Cell Phone Company?

Are Mortgage Lenders the New Cell Phone Company?

Mortgage Lenders vs. Cell Phone Companies

With advances in technology and the rate we share information, its no wonder that more companies are picking up practices from each other. Mortgage lenders and cell phone companies have comparable traits when it comes to their contracts and rates for new clients.

New Customers Get the Best Prices

Mortgage lender:
Mortgage rates change constantly!  There are multiple Bank of Canada readings which can affect the rates of the mortgages the lenders offer to you.  If you have been in your mortgage contract for a couple years, the current market rates could be quite attractive compared to your current rate.  If you want this new attractive rate you will need to modify your mortgage, where the costs could outweigh the benefit.

Cell phone companies:
December was a great month until I heard of the promotional cell phone plan with 10G of data for only $60/month.  What a deal!  I picked up my phone and called my provider to find out it was only applicable for new contracts.  To get this new $60/month deal I would have to break my plan and pay a huge device fee!

When You Break Your Contract

Mortgage lenders:
If you break your mortgage before the end of your mortgage term, you will have to pay the costs of a penalty.  This is calculated byways of three months interest or interest rate differential (IRD), dependant on if you have a variable rate of fixed rate mortgage.  You can have your mortgage moved on your maturity date without incurring a penalty.  This isn’t always ideal when you see lower rates which could be financially beneficial.

Cell phone companies:
When you start a contract most providers will give you a phone for little or no cost in exchange for going on a contract.  At the end of the contract date, you will no longer incur a penalty and probably need an upgrade from your iPhone6.

Overage Charges

Mortgage Lenders:
When it comes in terms of mortgages there isn’t a direct overage charge, but I will call it a penalty charge.  If you are trying to pay your mortgage off in record speed but don’t have the right mortgage for it, you could be incurring a prepayment penalty.  This is charged if you pay more then your allowed yearly prepayment privileges.  The lenders use this to recoup some of the revenue they would have incurred through interest on the mortgage,

Cell phone companies:
If you go over your data or use too many minutes you could end up with a huge extra cost added to your next bill.

It’s hard to determine if you’re getting the best deal provided to you. Whether it’s a cell phone contract or your mortgage commitment. An unbiased mortgage professional can’t help you with your cell phone provider, but we can definitely work on your behalf to obtain the best rate and conditions for your mortgage.  Here at the Clinton Wilkins Mortgage Team, we’re always looking out for your best interest.

1. The TeamClinton.ca “Fall Into Homeownership Giveaway” (the “Contest”) runs from 08:00:00 a.m. AST on September 6th, 2020 (the “Contest Starting Date”) to 5:00:00 p.m. AST on September 18th, 2020 (the “Contest Completion Date”). The Contest will have a series of prizes including:

  • One (1) daily prize draw for two (2) ticket vouchers for a future Halifax Wanders game (the “Daily Prize”) starting on September 8, 2020. The Daily Prize is valued at $65.00 CAD. There are no cash alternatives or substitutions.
  • Two (2) weekly prizes (the “Weekly Prize”) for a pair of season tickets with draws occurring on September 11, 2020, and September 18, 2020. Each Weekly Prize is valued at $450.
  • One (1) grand prize (the “Grand Prize'') that includes hotel accommodations, a restaurant gift card, and a Halifax Wanderers swag bag including two (2) game vouchers for a future Halifax Wanderers. The Grand Prize is valued at over $500.00 CAD. There are no cash alternatives or substitutions.

    2. Submitting this form implies consent to subscribe to our emails and mobile phone alerts. Subscribers may opt-out at any time. 

    3. SMS message and data rates may apply. Text HELP to 68411 for help, text STOP to 68411 to end. By opting in, I authorize the seller to deliver messages using an automatic telephone dialling system and I understand that I am not required to opt-in as a condition of entering the Contest.

    4. Participants will receive one (1) contest entry for signing up to email and/or mobile phone updates. This is limited to one entry per person through the online sign up form.

    5. Participants may have the opportunity to earn additional entries and any details will be announced from time to time if available.

    6. The Grand Prize is valued at $500.00 CAD. There are no cash alternatives or substitutions.

    7. Participants must be 18 years of age at the time of contest entry and reside in Nova Scotia, Canada.

    8. By entering this Contest, all entrants consent and agree to the use of their name, address, likeness and photo for any advertising, publicity and marketing purposes by the Sponsor, without compensation.

    9. By entering, all eligible participants agree to abide by the rules and conditions outlined above.

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