Mortgage Rate Shopping
Compare the best mortgage rates online to help find the best mortgage terms for your specific needs. Mortgage brokers have access to a mortgage rates table to search and compare on your behalf.
Compare best mortgage rates and lending terms with insights from mortgage brokers who are professionals in the industry.
There are a few things that borrowers would want to know more about this mortgage solution. Contact your local mortgage broker or book a free consultation with one of ours for more details.
Posted Rate vs. Contract Rate
Banks advertise their mortgage rates but the mortgage interest rate on the contract is usually much lower when you work with a mortgage broker because you can benefit from incentives such as volume discounts, etc.
Bruised Credit Not A Problem
Borrowers with bruised credit can shop for the most competitive mortgage rates. There are conventional and alternative lenders who will work with the borrower's financial situation.
Contract Rate vs. Loan-To-Value
Conventional banks and alternative lenders determine the mortgage interest rate based on several criteria, including the Loan-To-Value percentage. Typically, a higher LTV means a higher mortgage interest rate.
At Richmond Hill Mortgage Broker, we work with lenders who are reputable and have established outstanding levels of customer service, integrity, and compliance with regulatory authorities.
What To Know About Finding the Best Mortgage Rate in Richmond Hill
Rate shopping is the process of comparing interest rates from multiple lenders. By doing this, you can ensure that you're getting the best deal possible. This guide provides advice on how to find the best mortgage rate when rate shopping for a home loan. We'll tell you how to get quotes from multiple lenders, compare rates, and choose the best rate.
Shop and Save With a Mortgage Broker
We all want to save money when it comes to paying for our homes, so finding the best mortgage rates is essential. You can do a few things to find the best mortgage rate.
First, you can shop around with the help of a mortgage broker to compare rates from different lenders. This will help you understand what's available and what rates you can qualify for.
Another thing is you can watch for rate discounts. Many mortgage lenders work with mortgage brokers to offer volume discounts and incentives exclusive to mortgage brokers with a long-standing history of working in the industry. These discounts can save you a lot of money over the life of your loan, so it's worth asking about them.
Finally, you can lock in a rate when you have found the lowest interest rate that applies to your situation. This means you'll agree to a rate with a lender for a certain period, usually 60 or 90 days. This can give you peace of mind and protection from rising interest rates.
How to Get Multiple Mortgage Quotes
When you're looking to buy a home and have to get a mortgage quote to ensure you get the best rate possible, there are steps you need to follow to get the best interest rates. First, you need to know the loan amount you're looking to borrow.
Then, choosing a lender with the lowest mortgage payment amount would be best. However, finding the lender with the lowest mortgage payment does not mean selecting the one with the lowest interest rate. In addition, you will need to factor in the amortization period of the mortgage because a longer one means a smaller mortgage payment amount, and vice versa.
When you work with a mortgage broker, you can ask for a list of prospective lenders and three quotes: one with the lowest interest rate, the lowest mortgage payment amount, and the largest loan amount. Then, you can decide the most suitable one based on your situation.
Matrix Mortgage Global Lic. #11108
Use the tips on this page to get the best mortgage rates for your next home purchase. Then, when you are ready to take the next step and apply for a mortgage, comparing rates and finding the best deal for your budget is essential. If you need more help, you can read up on more resources available at Richmond Hill Mortgage Broker and book a call with the mortgage brokers because they are backed by Matrix Mortgage Global (Lic. #11108), who can find you the best deal.
FAQ on Mortgage Rate Shopping
Can You Lock in a Mortgage Rate While Shopping?
You can lock in a mortgage rate while shopping for a mortgage loan. You are not affected by locking your mortgage rate should the interest rate rise the next day. On the flip side, if the interest rate drops after you have locked in your interest rate, your mortgage broker can request that you qualify for the lower rate. So locking in your interest rate is a win-win situation for you, and you want to take full advantage of this option.
How Can I Lower My Mortgage Interest Rate?
Most mortgage brokers and lenders offer lower interest rates for customers who qualify for them. They are known as "special" or "preferred" rates and may be offered for different terms and conditions. A good mortgage broker can help you qualify for those rates by telling you what you must do. In addition, mortgage brokers can tell you the differences between each product available and the programs that make each type of loan more attractive. If you need clarification on your mortgage, contact a mortgage broker today.
Justin W, Richmond Hill
As a first time home buyer I was very nervous about buying a home. The professional staff at Matrix Mortgage Global took the time to answer my questions even after hours. I was very pleased with the service and how I was treated.
Jignesh S, Toronto
I'm a self-employed cab driver. I was devastated when my bank, with whom I've been banking with for years turned me down for a mortgage. My business is mainly cash, and I didn't meet the bank's criteria for proving my income. I found Matrix Mortgage Global online and decided to give them a call. I was surprised that I got approved. I thought that if my bank turned me down everyone would. Thanks!
Andrea C, Markham
I had 2 yrs left on my consumer proposal, with the 2nd mortgage offer by Matrix Mortgage Global I was able to pay off the proposal and re-establish my credit
You Can and You Will Be Approved
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Enjoy the peace of mind from knowing that you are working with someone who has a deep understanding of the mortgage industry and will work smart to get you the best possible deal.
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Qualifying for a mortgage used to be easier than it is now.
But it doesn’t mean you can’t get professional help to qualify.
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