Four Tips To Help You Get the Best Mortgage Product And The Best Rates
Selecting a mortgage that meets your budget and needs can be a tricky affair. Since you’ll likely be paying back your mortgage over a long period of time, you want to secure a product that offers the best possible interest rate and terms. Even a fraction of a percent on your interest rate can either help you save or cost you thousands of dollars over the lifespan of the loan.
With a few tips in mind and expert assistance from a mortgage broker, you will be able to narrow down your choice and find the right type of mortgage for your needs. As a qualified mortgage broker, Bob Beach - The Burlington Mortgage Centre has put together a list of tips to help you get the best mortgage product and the best rates.
Tip #1: Use a mortgage broker
Generally, mortgage brokers have access to the best rates from over thirty to fifty lending companies. Most professional brokers have a well-developed relationship with these companies or lenders, so they may be able to get you the most advantageous deal for your situation.
Tip #2: Find a broker with a vast network of lenders
Lenders know buyers have a small purview of what is available and only give clients the best rate they ask for. There is often more available, and only a mortgage broker knows how deep they can go. Since brokers work with a host of different lenders, they have access to a broad range of products and better rates. Keep in mind that your options are limited if you shop for a mortgage on your own or seek a product from the bank.
Tip #3: Recognize that longer amortization periods may have higher rates
Expect to pay lenders a higher interest rate for a thirty-year amortization over a twenty-five-year amortization. Working with a qualified broker will give you the upper hand as they are already aware of all the loan programs that don’t include a surcharge.
Tip #4: Understand that most brokers don’t charge for their service
The lenders pay brokers, so they have ample incentive to search for the best rates for their clients from several sources. They match the best product and the best rates with your needs.
If you’re looking for a mortgage broker to help you find the right mortgage for your needs and at the best rates and terms, reach out to Bob Beach - The Burlington Mortgage Centre.
As a reputed mortgage broker in Burlington, ON, I work for you and not the lender, so my advice is unbiased and focused entirely on your needs. You can rest assured you’ll get the best available deal in the fastest and easiest way possible. Also, in most cases, my services are free.
My services include Mortgage Pre-Approval, Financing Purchases, First Time Home Buyer Mortgages, Self Employed Clients, Damaged Credit Clients, Second Mortgages and Private Mortgages. I serve clients across Burlington, Waterdown, Oakville, Milton, Hamilton, Stoney Creek, Ancaster, Dundas, Grimsby, St. Catharines, Niagara Falls, and Niagara-on-the-lake.
To learn more about the services I provide, please click here. If you have any questions about mortgages, get in touch with me by clicking here.