Mortgage Smart Tip for Canadian First Time Home Buyers – Rates and Interest Costs

Buying your first home can be a daunting process including figuring out the right mortgage and options for you.  One part of this is knowing about Mortgage Rates and Interest Costs.  Here let’s talk about its definition and what it really means, the options available and how do you choose the right one for you?

Definition:  The interest rate you will be charged by the lender and how much in total you will pay during the term of the mortgage

Options:

       Getting the best that you qualify for AND with terms that meet all your needs

       One of the many benefits of working with a mortgage broker/agent is we know what every lender is able to offer you right across Canada

       We will find the right lender that will work hard for the privilege of having your mortgage and offer you the best options to save you as much unnecessary interest as possible

So how do you select the right one for you?

       Obviously you want to save as much money as possible, but at the same time selecting a lender that will drop the rate, if rates decrease, prior to your closing date are beneficial. With a mortgage broker, this is automatic!

       Sometimes the rate on your pre-approval might not be the actual rate you will pay – it could be lower if rates drop as well as those “quick close specials” I have access too as a VIP Broker with many lenders across Canada

       It is not always about rate… sometimes the features and benefits of the mortgage could out way the difference in rate!