The Best Rate Blog
One of the results of OSFI now overseeing CMHC will be that more borrowers will require an Alternative Lender as Banks tighten up.
The banks will have to sweeten the terms of the “covered” bonds they sell in the market. In the past these bonds, backed by a portfolio of mortgages, had a lot of appeal to investors due to the fact that those mortgages were guaranteed by CMHC and, ultimately,...
Finance Minister Jim Flaherty says Canada will face global pressure to raise interest rates in 2014, as the United States begins to step back from its policy of extraordinary economic stimulus through intervention in bond markets.The Fed’s reduction of quantitative...
You live in a house, but is it your home? Being a renter is a position that we all find ourselves in at one stage of life, or another. Consider it a means to an end. Eventually the time comes when you are in position to invest your hard earned cash into your future....
Since January 21st the 5 Year Canadian Bond Rate is down just over 28%, falling from 1.066 on Jan 21st to close today at .760 This should continue to put downward pressure on the 5 year fixed mortgage rates which are priced off of the bond rate. Currently the best...
You have plenty of mortgage questions, how does a professional mortgage broker help? The biggest challenge with first time home-buyers is that they have a multitude of questions and at the start a lot of those questions have to do with mortgage financing. As an...
Compare what a Mortgage Broker can offer to what your Bank offers
It is wise when in the market for a mortgage to compare what is being offered by your Bank with what is available through a Mortgage Broker. The Government of Canada, on their web site https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reduce-prepayment-penalties.html states that it is best to check with a Mortgage Broker with regards to what they can offer.
The four areas you should compare are:
1) Rate: Once you have the rate your Bank will offer you, contact us to see if we can offer a better rate from one of our over 40 lenders.
- Payout Penalties: No one plans to break their mortgage before the term is up but life happens so confirm with your Bank how they calculate the IRD penalty, then call us. The difference could cost you thousands of dollars.
3) Service: Compare the service you receive from your Bank vs a Mortgage Broker. The bank employee works for the Bank and its shareholders, a Mortgage Broker works for you.
4) Expertise: Buying a home and getting a Mortgage is the biggest investment you will make. You want to have someone with many years of experience working for you. At the Best Rate Mortgage Team we have over 20 years of experience.
You shop around and compare when you are buying anything online which saves you money and ensures you are making the right buying decision, so it makes sense to do the same when you are in the market for a mortgage.
Contact us anytime with any mortgage questions you may have
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