Leah Zlatkin Quoted in the Globe and Mail: “Sellers and buyers in Toronto area navigate a frustrating housing market”

Mortgage broker Leah Zlatkin cautions that even experienced homeowners can make mistakes in the current challenging environment.

Some are trading up, while others are downsizing, she notes, but they need to be wary of the fine print in their existing mortgage agreement.

Breaking a mortgage early can trigger substantial penalties, Ms. Zlatkin says in her guidance to buyers. In some cases, the fees mount up to tens of thousands of dollars, yet many buyers only realize this fact when it’s too late.

At the same time, some homeowners expect to have more equity than they really do – especially in a market where prices have dipped.

In many cases today, rates are higher, budgets are tight and lenders are imposing stricter standards before borrowers can qualify for a mortgage.

“Second-time buyers often think they know the ropes, but the market has shifted so dramatically since their last move that the old playbook no longer works,” according to Ms. Zlatkin.