By Leanne Mollica
Mortgage Broker | Mortgage Architects – Team Borle
Founder, My Mortgage Strategy
Serving Salmon Arm, the Shuswap, and British Columbia
(Yes — I said it.)
For the last few years, mortgage rates have dominated headlines, dinner-table conversations, and Google searches. That focus made sense in a rapidly rising-rate environment.
But here’s the uncomfortable truth as we move through 2026:
Focusing only on your mortgage rate is one of the most common ways homeowners end up paying more — not less.
Two Mortgages. Same Rate. Very Different Outcomes.
It surprises many homeowners to learn that two mortgages with the exact same interest rate can have dramatically different long‑term costs.
Why?
Because your rate is only one piece of a much bigger puzzle.
In fact, some of the lowest advertised rates on the market come with restrictive terms that can quietly erase any savings if your plans change.
Examples include:
- No‑frills mortgages with limited options
- Teaser rates offered for a short initial term, followed by renewal at the lender’s discretion
- Clauses like bona fide sales clauses, which can limit your ability to refinance or break your mortgage
These features don’t always matter — until they suddenly do.
Why the Rate Alone Doesn’t Tell the Whole Story
When choosing a mortgage, here are the factors that deserve just as much attention as the interest rate:
Penalties
Breaking the wrong mortgage early can cost tens of thousands of dollars — often far more than you saved by choosing a slightly lower rate.
Life happens: job changes, family changes, opportunities arise. Penalty math matters.
Flexibility
A good mortgage should adapt to your life, not punish you for it.
Some mortgages make it extremely expensive (or impossible) to:
- Refinance
- Move and port your mortgage
- Adjust your financing strategy
Term Strategy
The lowest rate today isn’t always the best choice for tomorrow.
Choosing the right term length should reflect:
- Your future plans
- Your risk tolerance
- The likelihood of changes during the term
Short‑term savings can become long‑term regret when the strategy doesn’t match real life.
Total Cost Over Time
This is the number that truly matters.
Interest paid + penalties + lost flexibility = your real mortgage cost.
Same rate does not mean same outcome.
A Mortgage Is More Than a Rate
When you sign a mortgage, you’re not just choosing an interest rate.
You’re choosing:
- Rules
- Risk
- Restrictions
And those choices can follow you for years.
A well‑structured mortgage protects you not just when things go according to plan — but when they don’t.
Thinking Ahead? Let’s Sanity‑Check It.
If you’re:
- Renewing your mortgage in 2026
- Thinking about moving or refinancing
- Or simply curious what your current mortgage would actually cost to break
A quick review now can prevent expensive surprises later.
I’m always happy to help homeowners understand what they really have — and what options may exist.
Sometimes peace of mind is worth far more than chasing the lowest headline rate.