You are here:   HomeMortgage RatesFind the Best Rates for Your Mortgage in CanadaThree Tips for Finding the Best Mortgage

 Three tips to finding the best mortgage

1.       Start you mortgage search early.

Start your search for mortgage early. If you are refinancing you should start to look around at least 4 months ahead or your renewal date. If you call me when you receive the renewal letter from your bank I can still get you great mortgage but allowing more time gives you the luxury of choosing from few mortgage options and deciding on one that suits you best. It also allows you to lock in your mortgage interest rate up to 4 months in advance. You will still benefit if rates go down between the date of approval and the date of closing but if rates go up you will keep the lower rate which can translate into thousands in savings. If you choose to finance your real estate property through me I will personally monitor interest rates and request lower rate in the case of interest rates going down. It is general misconception that lender s will automatically give you lower rate. While some will, there is large number of lenders who will only change the rate when requested. I will always request lower interest rate for my customers, no exceptions.

2.       Use mortgage agent.

Using mortgage agent will result in better mortgage, period. One reason is that mortgage agent deals with tens of mortgage lenders. This competition results in lenders giving special broker interest rates and other perks not available to customers walking directly into bank branch to get their mortgage. Having a choice of many mortgage lenders will also result in better terms of your mortgage which will only add to the many benefits mortgage agent will provide. Another benefit of agent – customer co-operation is being informed along the way. I always explain mortgage ins and outs to my customers. This increases customer awareness and also provides more information down the road. My customers know they can call me at any time before or after closing if they require additional information or just have more questions.

3.       Look at the whole package, not just interest rate alone.

A lot of individuals are looking at the mortgage rate alone when deciding which mortgage lender to select. While interest rate is very important aspect of lender selection it should not be the ultimate deciding factor. The terms of the mortgage are as much or even more important and will affect the future options related to you r mortgage. Terms govern how much you can pay extra to shorten your mortgage amortization period. They cover all penalties if you miss a payment, have a late payment or if you have to break your mortgage for any reason, and much more. Having the right set of mortgage terms can save you thousands of dollars over the life of your mortgage and will eliminate many headaches. Working with mortgage agent will put professional on your side working for you. While bank employee works for the bank, mortgage agent works for his or hers customers. Since I am dealing with large number of lending institutions my loyalty and commitment are to my customers. I always work for my customers making sure that the mortgage selected is the best mortgage possible, fit to their personal situation, lifestyle and future goals.

And best of all my service is completely free to my customers. Feel free to contact me to find out more about your mortgage options and for no obligation review of your personal situation.


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Walter Pawlowski Ontario Mortgage Agent M11002486