Mortgage terms cause confusion - MoneySense

Mortgage terms cause confusion

Canadians encouraged to talk to a lawyer before signing on the dotted line.

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The majority of Canadian consumers don’t have a clear understanding of common mortgage terms like “prime rate” and  “posted rate”, the Financial Post has revealed.

To avoid any confusion, it’s recommended that homebuyers read their mortgage contract well before closing, and hire a real estate lawyer to look over the document. Toronto-based lawyer Steve Brett says it generally costs about $200 to look over the terms.

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