29 Nov Interest Rates Beyond the Bank
Amid the mortgage rate increases by both TD Bank and RBC Royal Bank, everyone is talking about rising interest rates and the housing market. If you’ve been dreaming of a new home, you may be feeling discouraged with all the noise out there. We are here to tell you it’s not all bad. Sure, you can march down to your bank and sign up for a mortgage because it’s comfortable to go with what you know, but you will actually save money if you shop around.
Shopping for the best mortgage rate
You can approach shopping for the best mortgage rate a few different ways. You have two main options, through a bank or through a broker. To assess the best bank rate, you’ll need to go from bank to bank asking and negotiating to hunt down that lowest rate. You’ll want to check multiple banks and branches, driving from location to location. Strictly visiting your usual bank, will only present the rates that they offer. Think of it this way, if you’re looking for the best deal on an outfit for your first day at a new job, you could search: A) the store you regularly frequent (for convenience and comfort), or B) the entire mall of stores. Which option would present the best deal? You may be thinking, “going to every store in the mall is too much work”, and we’d have to agree with you there. There’s a third option. You could utilize a personal shopper to find it for you! It’s clear that this option would be ideal, checking ALL the options, finding the best deal and fit for you. The only problem is that in the case of a personal shopper, it costs you extra and no one likes that. When it comes to shopping for mortgage rates, using a Mortgage Broker is like using a personal shopper, except it’s free!
As a Mortgage Broker, it’s our responsibility to shop around to find the best rate for you. We are the middleman connecting lenders to borrowers, finding you the perfect outfit in a style and price range you’re comfortable with. Many of the smaller lenders, to take market share away from the major banks, have to get more competitive. You might be surprised at the number of options that are available beyond the traditional big bank lenders. Mortgage Brokers have access to multiple lenders, leveraging the “bulk discounts” of their network — and their services are free. A broker can help you get the best rate that you can qualify for, and they are intimately familiar with the process and therefore able to guide you through it. This applies for mortgage renewals as well. When you receive a renewal notice from your bank, there’s no guarantee that they are offering the best rate you can get.
More to mortgages than just rate shopping
There’s more to getting your ideal mortgage than just the rate. We covered this topic in detail in our article “Mortgage Shopping: There’s more to it than just comparing rates”. A Kelowna Mortgage Broker is your expert personal shopper, factoring in rate options, your personal income and credit history, to provide you with the best individualized option.
MORTGAGES ARE OUR AREA OF EXPERTISE. CONTACT OUR KELOWNA MORTGAGE BROKERS TODAY AND LET OUR YEARS OF PROFESSIONAL EXPERIENCE IN INVESTMENT CONSULTING, FINANCIAL PLANNING, AND MORTGAGE CONSULTING WORK FOR YOU. OUR GOAL, AND THE SUCCESS OF OUR BUSINESS, IS BASED ON BROKERING THE BEST MORTGAGE FOR YOU.
JOHN ANTLE MORTGAGES – KELOWNA’S MORTGAGE SPECIALIST
We specialise in offering mortgage solutions that go above and ‘beyond the bank’. This means we are able to provide flexible solutions at great rates, often better than what traditional banks have to offer. Working with a mortgage broker can open up your options, allow for potentially greater solutions for your situation. We work with a variety clients including first-time buyers, those looking to transition from renting to owning or renewing a mortgage, self-employed business people, as well as investors in rental and/or vacation properties.