The days of simply quoting rates are over my Friends…
Mortgage Rates. That phrase seems to be a common trend these days. Everyone is always talking about who has the best rate. What if I told you that rates only represent a fraction of the picture, and not even a big one at that. Yes, you read that right! Mortgage rates aren’t what most people think they are. There are a lot of other factors that you need to consider when purchasing a home, and most of the time, the one thing that is plastered all over the place is rates!
Don’t get me wrong, rates are important, yes. But, the interest rate only accounts for a portion of the additional costs of home ownership that you may not have considered. There are many products available in today’s market, leaving the interest rate to be one of the last things to consider. As a Mortgage Broker, we look at all the other costs associated with a mortgage that we would recommend. We look at the total cost of home ownership for the customer, and evaluate the products that we recommend based on the lowest overall cost of getting out of the product that you are in. What the penalties are, what your prepayment privileges are, and not to mention, what best suits your needs. Most big banks register their mortgages as a Collateral charge rather than a Mortgage Charge meaning higher fees when you go to switch out to a different lender.
When you meet with a Mortgage Broker, we don’t quote you a rate because products are continuously changing, and there are always special rate offers happening. We need to assess your situation, and needs. Did you know that not all lenders will lend in different areas? Or if you are using alternative income, some lenders will accept it, and others won’t? Because we have to filter between dozens of products, and variables, the last thing we want you, the customer to worry about, is rates.
Let us do our job to help get you the best product that you need at the lowest overall cost of owning your home. If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Ready to get started? Contact us today! We are here to help.