Tips For The Best Mortgage Rates
When mortgaging a property, everyone is looking for the best mortgage rates they can find. It is understandable, as no one wants to give more to the bank than they have to. But the search for the best mortgage rates raise some questions that are important questions to consider.
How Do You Determine Who Has The Best Mortgage Rates?
This is a fairly simple question, and chances are you have already been doing this. There are many resources online that give you an idea what the best mortgage rates are. Personally, I put some of these rates on my website, but I prefer not to make them the main focus of my service. There is a lot more to arranging a mortgage than just having the best mortgage rate.
What Are The Terms And Conditions Required To Get The Best Mortgage Rates?
Sometimes, the best mortgage rates also come with fairly acceptable, or good sets of conditions. Other times, not so much. Having a wide choice of mortgage lenders, I have many options, and some of which I are excellent rates with good conditions with a lender I am comfortable with. There are some lenders out there who do not give great conditions on the deal, and in my opinion are not worth getting the best mortgage rate on. For example, if the lender requires punitive mortgage penalties for early payout, the $30 a month you save on the best mortgage rates will become much more expensive in the long run. The chartered banks in particular are reputed for the way they will calculate penalties on fixed rate mortgages. Have a look at this Globe and Mail article for more information.
What Other Important Factors Are There Besides The Best Mortgage Rates?
Beyond just the best mortgage rates, and beyond the terms and conditions like outlined above, there are other factors that are important to you that a good mortgage broker will work with you to decide and arrange for you. Determining the right loan amount could be a factor if you need extra funds to grow or improve your business, or to start your own business. Or you could find a HELOC mortgage helpful where you can borrow equity in your home as a line of credit. Sometimes, my client is looking for a fixed rate, and if it makes sense for them, I will suggest they consider a variable rate mortgage, which will often be better than the best fixed mortgage rates available.
Currently, a variable rate mortgage is more difficult to arrange than a traditional 5 year fixed rate, but a creative and hard-working mortgage broker will look at your entire situation and all your needs and arrange a mortgage customized for your needs.
Trusting your mortgage professional is a crucial factor to have when arranging your mortgage. For most people, a mortgage is the single largest debt that someone will have in their lifetime. Yet, most people boil all of their decision-making on mortgages down to the simplest factor of who has the best mortgage rates. As a mortgage broker, do I want to offer you less than the best mortgage rates? I always try to do my best for my clients, but I will not do it to the detriment of something that is better for you as my client.
I want to earn your trust as much as I want to earn your business. It is always great to have someone you can trust in your corner, especially on such a large financial decision as a mortgage. It is important to me that you are as comfortable as possible through the process and that you understand your options. If, after reviewing your circumstances with you, the best mortgage for you is the best mortgage rate available, then that is what I will get you. Call me today.
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