There’s a lot you need to know when navigating the world of mortgages. And, if you’re not careful, it’s quite easy to get tripped up in the lingo, the procedures, and the payments. (Not to mention the penalties.)

Which is why we’ve recruited Jerome Trail, owner and broker of record at The Mortgage Trail, to answer the most important questions homebuyers and homeowners should understand before moving forward in their mortgage process.

Today, Trail is offering insight that will surely relieve a little stress from your mind -- and your wallet -- as you navigate the process of securing your new home.

Of course, we know that mortgage rates are sitting pretty low right now... but they won't always hover around 2020 levels. And even now, you might be keen on getting a lower interest rate than what the bank is offering.


The question you may be left with, then, is how?

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How can I negotiate a better interest rate than what the bank is offering?

"As a borrower, you need to understand that although rate is important, there is a lot more to a mortgage product than just rate," explains Trail. "The important factors are the terms and conditions." 

As such, Trail encourages homebuyers to ask themselves if it really makes sense to save a few dollars on your monthly mortgage payment if it means you'll have to deal with "an excessive penalty, to the tune of tens of thousands of dollars," when you decide to move.

Screen shot 2021 03 16 at 1297 Berkshire Avenue, Zolo

"Keep in mind that lenders always advertise their lowest rate, although few can qualify, and it will usually come with a list of not-so-pleasant terms," Trail says.

Furthermore, when you're discussing mortgage rate options at a bank, the person you're speaking with is an employee of that institution, which means they only have access to that bank's mortgage products. But those aren't the only ones available across the board.

"If you work with a reputable mortgage broker they will be sure to look at many lenders (over 30) to find the best mortgage product for your needs," Trail explains. "There are usually many great solutions available, across a wide variety of lenders, and your mortgage broker will be sure to explore them all on your behalf."

Even if you tend to be a do-it-yourselfer, it sounds like seeking out the most wallet-friendly mortgage option -- while not getting dinged by terms and conditions -- is an area in which you'd benefit from sourcing professional assistance.

Have another mortgage question or looking for mortgage advice? Contact Jerome at The Mortgage Trail -- mention STOREYS and you’ll receive a free appraisal!

This article was produced in partnership with STOREYS Custom Studio.

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