What's Your Best Rate?
What's your best rate is something we hear everyday and you would think it would be easy to reply, but nothing is ever easy!
To ensure that you get the best mortgage for YOU, we like to make sure we ask some questions:
- What's the term?
- fixed / variable / 5 year ?
- Is this your primary home or a second home or a rental?
- Can you verify your income
- we understand that your bank already knows you and they can see your pay being deposited, but not all of the lenders that your broker has access to has that access. So paperwork will be required
- Where is the property located?
- When is the closing date / possession date?
- Can you live with prepayment restrictions?
- some of the lowest rate option do not allow prepayments at all which means no putting your bonus down towards your mortgage
- Can you live with portability headaches?
- discounted rates will sometimes force you to ensure that the sale and purchase close on the same day!
- Can you live with refinance restrictions?
- Can you live with a large penalty?
- What type of property is it?
- Do you want good rates when you renew or refinance early?
- Have you ever been bankrupt, consumer proposal, collections?
- Do you have a property in mind or do you want a pre-approval?
- What would be the loan to value, conventional or insured?
- Can you pass the Governments stress test
- less than 20% down payment you MUST qualify @ benchmark rate 4.64%
- Do you know your credit score?
- Are you purchasing, refinancing or wanting to switch lenders?
- What is the purchase price of the property?
- Is your mortgage already insured?
- CMHC / Genworth / Canada Guaranty
- How long of an amortization do you require?
- some lenders may charge a premium with an extended amortization over 25 years
This is a lot of questions but, once we go thru these we can find you exactly what you want and you will have all the information you need to make the decision that is right for you!