Definition: These are any extras or benefits that are provided by the lender either on closing or during the term of the mortgage that meet your needs and you find of value
Options: Some lenders may offer some extra “perks ‘n’ services” and here are some examples:
- On-line access to your mortgage 24/7 to change the payment date, frequency, amount, pay lump sums, track property tax payments etc.
- Appraisal fees covered or at a reduced amount
- Free services such as Warranty and Maintenance Coverage for your home (plumbing, electric, heating, air)
- Small cash backs or credits on closing for your closing costs
- They will collect your property taxes with each mortgage payment and administer that for you at no extra cost
- Pre-Approved for a credit card, line of credit or personal loan
- Branches on each corner with extended opening hours
- Air miles or incentive points
- Membership for a small fee that may pay you annual dividends (traditionally with Credit Unions)
Remember, not ALL of these are available with every lender so deciding which of these you absolutely MUST HAVE, even if it means a higher interest rate, may be important to you
