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How To Find The Best Mortgage Rates
Buying a home is a significant commitment of financial resources, and is the most prominent transaction many people will ever engage in throughout their lives. Most homeowners take a mortgage to finance the purchase of their homes and often grapple with the challenge of choosing the best mortgage rate they can repay comfortably with least disruption to their lives. For people trying to buy a home in Ottawa and its environs, getting the best mortgage rates can be a daunting task because Ottawa is keenly contested by many mortgage brokers who provide different rates which can easily confuse prospective homeowners.
There Is Nothing We Can’t Handle
Regardless of what your financial situation is, there is absolutely nothing that we can’t handle. At Ottawa Mortgage Brokerage we promise that you will be happy with our services. We will help you to quickly determine how much you’re entitled to and what you can afford. In the end we guarantee to maximize your savings.
Use Rate Comparison Websites
Many Ottawa residents make good use of these websites for comparing the rates of different mortgage providers in the city. The websites provide daily updates of rates from the big five banks and other major lenders in the city of Ottawa and beyond.
Whether you are taking your first, second, third, or refinancing mortgage, it pays to do your homework before choosing any rate. You can use the tips above as a guide, but most importantly, the professional help of an experienced Ottawa mortgage broker will make the affair an easy and fruitful one.
Start On A Sound Footing
Before you start your search for the best rates, visit or call a respected mortgage provider in your area. Your meeting with the provider should furnish you with the necessary information about mortgages in the area. Ask questions about the type of rate you are eligible to apply for with your credit rating, available programs, mortgage jargons, and the likes. You can now contact other providers after getting the information you need from the first provider.
Take your time to compare the rates of different providers, as rates tend to change every day. Visit the mortgage providers in your area and compare their rates and mortgage packages to see the most favourable. Also, make sure you compare the rates on the same day, as the daily fluctuations can mean the difference between you losing or keeping thousands of dollars.
Be Clear About The Lender’s Charges
Apart from the monthly repayments, you might also need to pay some fees to the provider, which will increase the initial expenses. Ask the provider about any extra charges.
What Is Important To Know
The crucial thing is to be diligent in your research. Approach a reputable Ottawa mortgage broker for advice on the best course of action. To make your search for the best Ottawa rates easier, here are some salient points worth considering.
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Certified Mortgage Brokers Ottawa
Whatever Your Mortgage Requirements We Can Help – Best Rates is What we Do
Whether you’re looking to secure a mortgage, refinance or renew your mortgage, you’ll find the expert advice and experience that you need at Certified Mortgage Brokers Ottawa. We deal with residential, investment and commercial mortgages. We can even arrange mortgages for those whom the banks have declined. Don’t let a less than perfect credit score deter you from investing in your own home. Speak to us. We can help.
Loans Structured to Your Requirements
The needs of our borrowers are vastly different which is why we don’t take a one size fits all approach to mortgages. We can help you to decipher the terms and conditions and can explain the pitfalls and possible costs that you could incur under certain conditions. We match your needs, based on your financial goals, and we give you the information that you require to make an informed decision.
The Best Combination of Rates, Fees and Terms
We’ve built long-standing relationships with multiple lenders in the industry. This is why we can help you to get the best combination of rates, fees and terms in the industry. You get to choose from a wide range of mortgage options. This is one of the benefits of dealing with a mortgage broker with years of experience in the industry.
Mortgage Brokers Ottawa Will Be with You Every Step of the Way
We’ll manage your loan application from start to finish. We take the time to get to know you and your financial goals. We gather all the necessary documentation that the lender will require. In this way, we shorten the application process.
Together we’ll draw up a mortgage strategy that takes account of your lifestyle requirements and budget. Trained and experienced brokers will explain all the small print so there’ll be no nasty surprises in the future.
At the end of the process, you’ll know how much you qualify for and the size of the repayments based on the principal, the interest rates and the amortization period. If it’s certainty you need, we can also arrange a pre-approved mortgage.
Know the Terms and Conditions of Your Mortgage
Before you sign a mortgage, you should at least have considered the following
- Prepayment – how often and how much can you pre-pay on your mortgage before you have to pay penalties and how much would you want to pay?
- Fixed or variable rates – fixed rates are the most popular choice as they offer the borrower certainty. Variable rates over the longer term are lower.
- Penalties – What are the penalties for breaking the contract?
- Portability – if you sell your home can you transfer your mortgage to the new property or will you have to break the contract?
When you use our services, we’ll answer all your questions.
Getting a Mortgage with Bad Credit
The mortgage environment in Canada has just got a lot stricter making it near impossible for those with a bad credit score or unstable income to obtain a loan from traditional banks. This is where Certified Mortgage Brokers Ottawa can help. We have on our books many private lenders who are less interested in the credit score or income of the borrower that they are in the value of the property that they will use to secure the loan.