Well done, you have made the decision to purchase a home. Now, what next? A good number of home buyers, particularly for first-time house buyers, the next big step is getting a mortgage. They hunt for a mortgage based utterly on the rates.

To be specific, people are usually attracted to the mortgage that has the lowest rate.

This can end up being a big mistake because the lowest mortgage rate does not usually translate to being the best. It is like purchasing or shopping for a condo based entirely on the price without reflecting on other factors such as nearby amenities, location, condo rules, etc. Depending on your financial position, it may be better choosing a fairly higher mortgage rate but with reasonable terms.

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Featured Rates

FIXED

LenderRateTerm
Mortgage Lendwise RateLendwise

2.39%

5-Year
Mortgage First National Bank RateFirst National Financial

2.69%

4-Year
Mortgage RMG RateRMG Mortgages

2.64%

3-Year
Mortgage Street Capital RateStreet Capital Bank

1.99%

2-Year
Mortgage TD Bank RateTD Bank

2.69%

1-Year

VARIABLE

TermRate
5-Year Variable

2.85%

3-Year Variable

3.10%

OTHER

TypeRate
Line of CreditStarting at

3.00%

Equity LoansStarting at

5.99%

Private MortgagesStarting at

5.99%

A lower rate can cost you more; how is that possible?

smiling-man-shaking-hand

The lowest interest rates are normally low since they come with constraints, and limit your flexibility.  Actually, the mortgage companies may present you a low, fixed rate; however, they well know how to possibly make back more gains down the road, with fines or penalties for sudden changes or adjustments to your mortgage.

It is not a rare occurrence with other businesses to mirror this type of scenario (low rates translating to more costs). For instance, you may pay less for insurance, yet have a larger deductible in case something goes wrong. The same may apply to interest rates; the more flexible options or features you prefer can cost you a little more than a fixed, low-interest mortgage. However, in paying a bit more in terms of rate, you can easily fall in a good position financially if, or when, something unforeseen happens and you are abruptly in need of making an adjustment to your mortgage. Basically, without that flexibility, you may end up bearing grave consequences for your last minute mortgage changes.

Major considerations when shopping for mortgage rates

house-for-sale

Just like all other features of your mortgage, when bargaining for your interest rate, you need to clearly lay down your options.  Here are a few issues to reflect on when locking in your next mortgage.

  • Are my closing dates flexible? If they aren’t, what are the consequences?
  • What happens if I move and put up my house for sale before the mortgage is up?
  • What if I want to refinance as a result of an unanticipated job loss, home repairs, break-u etc.?
  • Is it possible to put some extra money down and pay off the mortgage? If it is doable, how much and when?
  • Will you get any kind of bonuses over the period of mortgage repayment?

What then is the best rate for you?

Life is unpredictable; we might not anticipate an illness, a move, break-up or other life changes when we initially secure a mortgage. Obviously, a no-frills, low-interest mortgage which can end up fining you for breaking or adjusting your mortgage can be upsetting. You do not wish to reflect back and find out that, even though you saved a little on interest, you eventually ended up paying thousands of dollars extra for unexpected charges. Make a wise decision and live knowing you won’t be caught unaware by penalties down the mortgage repayment road.

OUR CUSTOMERS LOVE US

My wife and I recently purchased our first place, so we started to look for a mortgage broker. Neither of us really knew what we were doing, so it was important to us that we could find someone who could guide us through the whole process. After some searching we finally stumbled upon the guys at certified mortgage broker We worked with leon and his team, got a great rate and they took their time to explain and guide us through the whole process. Great rates and great service. Would absolutely recommend.
Linderman Beadles
Linderman Beadles
06:16 26 Feb 18
Got tired of sow service and mediocre rates from my bank, so I started looking for a mortgage broker. Had some family friends recommended Leon and his team, so decided to check them out. Was very impressed with Leon, he guided me through step by step, recommended a mortgage and I ended up switching to him. My rate is better and he always answers call and emails right away.
Gina Carroll
Gina Carroll
05:06 28 Feb 18
Was looking for a new mortgage broker, my old one moved so had to find someone else to work with. Didn't really know how to go about it so just started googling. After some searching and talking, decided to go with the guys at certified mortgage broker. No one could match their rates, plus their customer service is honestly some of the best i’ve seen.
Deane Laflamme
Deane Laflamme
04:40 27 Feb 18
My wife and I recently purchased our first place, so we started to look for a mortgage broker. Neither of us really knew what we were doing, so it was important to us that we could find someone who could guide us through the whole process. After some searching we finally stumbled upon the guys at certified mortgage broker We worked with leon and his team, got a great rate and they took their time to explain and guide us through the whole process. Great rates and great service. Would absolutely recommend.
Stephnie Boyles
Stephnie Boyles
13:59 15 Nov 17
Got tired of sow service and mediocre rates from my bank, so I started looking for a mortgage broker. Had some family friends recommended Leon and his team, so decided to check them out. Was very impressed with Leon, he guided me through step by step, recommended a mortgage and I ended up switching to him. My rate is better and he always answers call and emails right away.
Billye Peralta
Billye Peralta
13:38 19 Nov 17
Was looking for a new mortgage broker, my old one moved so had to find someone else to work with. Didn't really know how to go about it so just started googling. After some searching and talking, decided to go with the guys at certified mortgage broker. No one could match their rates, plus their customer service is honestly some of the best i’ve seen.
Moore Hoover
Moore Hoover
02:25 16 Nov 17
We worked with Leon and he provided a thorough and a professional process in re-financing our mortgage. Communication was consistent, he was easy to reach and documents were processed quickly. Most importantly, we got a great rate that has us savings hundreds of dollars per month on our home. These guys really know what they're doing.
Melissa Brown
Melissa Brown
00:12 18 Jul 17
As third time home buyers we couldn't be happier with the service we got from Certified mortgage broker. The team did a great job working on our loan. Everything was fast, easy and transparent. Probably the best mortgage experience i’ve ever had.
Riley Clements
Riley Clements
15:27 20 Jul 17

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