The last year and a half has been challenging for many of us. But none have been more challenged than the brave frontline workers who put their lives at risk to save others. As a show of gratitude, many businesses have stepped up with discounts, free products, and other incentives. Unsurprisingly, many mortgage lenders have followed suit with promotional rates reserved just for those on the front lines.
Doctors, nurses, firefighters, and many others who made huge sacrifices for their communities are entitled to rates between 1.45% and 1.94%.* Plus, they can get a cashback bonus of $1,000 – a nice addition to these extremely competitive rates.
As the world returns to normal, our frontline workers deserve every act of gratitude that’s offered to them. Free meals at restaurants and promo codes at clothing stores are nice gestures. But these mortgage incentives offer a long term reward that can actually help these deserving people move on with their lives.
One Watch Out
Are you a frontline worker looking for a new mortgage? Definitely consider these promotions – but make sure you’re looking beyond the rate. These low-rate products sometimes come with steep prepayment or early exit fees. If you’re one of the many Canadians that changes mortgages every few years, this could end up costing you thousands of dollars in the long run. A low rate is worthless if exorbitant fees are increasing the total cost of your loan.
The Bottom Line
If you’re a frontline worker, you deserve every benefit and incentive available to you. Just make sure you’re looking at the product behind the rate. A low number may seem attractive at the start, but can actually end up costing you more than a higher rate. Feel free to reach out if you’re looking for a low-rate product that doesn’t come with strings attached. It’s always good to have an expert on your side to help you see the big picture.
*Upon qualification. Rates are subject to change without notice.
Your best interest is my only interest. I reply to all questions and I welcome your comments. Like this article? Share with a friend.
Steve Garganis: 416-224-0114; email@example.com