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Mortgage questions…

While some people may be at a point in their life when a mortgage is something they no longer require or even consider since they either a) do not require one – period; or b) use a Home Equity Line of Credit (HELOC) with a condo or residential asset being used as collateral and then have earned a low rate of interest.

Most others will require financing of some sort. Mary Bateman can review your requirements and point you in the right direction thanks to her amazing personal and business network.

How do you know the best rate you can get? Your personal credit score plays a huge part in this equation. If you have an exemplary score, there may be a list of preferred vendors beating a path to your door. The lowest rate you are offered may be attached to a ‘no-frills’ type mortgage that has no provision for prepayments and even porting (moving) your mortgage from one institution to another. Read the fine print.

At this time, purchasing a home as a principal residence requires a minimum down payment of 5 per cent of the purchase price. Again, there are likely ‘strings’. If you have at least a 20 per cent down payment, you may avoid paying mortgage default insurance.

Is a fixed or variable rate mortgage best? Frankly, it all depends upon your personal risk tolerance. If you like the idea of possibly saving money over the contracted term of your mortgage and you have the financial ‘cushion’, variable may be for you. Of course, if rates go up, so too does your payment. If you prefer the discipline of regular monthly payments, opt for a fixed rate. These days there are some very attractive packages available. Discuss your lifestyle and preferences with an officer from a financial institution or even with a private mortgage broker/agent.

Remember, Mary Bateman is your trusted single resource for all kinds of housing options in Barrie and Simcoe County. A professional real estate agent with considerable expertise, call her today at 705-722-7100.

Awards & Designations

Hall of Fame Award, Lifetime Achievment Award, Platinum Club Award. ABR and SRES


Please contact my directly at either of the numbers listed below. If I'm unavailable please leave a message and I WILL call you back. Thank you.

Email: [email protected]

Barrie: (705) 722-7100

Toll Free: (866) 606-2429


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