There is a logical reason why home purchases are considered as major financial transactions—they are quite expensive. That is why new homebuyers have to wait several years until they become more financially prepared to take the big responsibility. Because home acquisitions are costly, almost all homebuyers opt to pay through home loans. Consumers could approach a bank or a private mortgage provider for a home loan. This is when comparison shopping is most recommended.

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Featured Rates

FIXED

LenderRateTerm
Mortgage Lendwise RateLendwise

3.40%

5-Year
Mortgage First National Bank RateFirst National Financial

3.59%

4-Year
Mortgage RMG RateRMG Mortgages

3.29%

3-Year
Mortgage Street Capital RateStreet Capital Bank

3.19%

2-Year
Mortgage TD Bank RateTD Bank

3.19%

1-Year

VARIABLE

TermRate
5-Year Variable

2.75%

3-Year Variable

3.35%

OTHER

TypeRate
Line of CreditStarting at

3.00%

Equity LoansStarting at

5.99%

Private MortgagesStarting at

5.99%

Upon comparing costs and rates, you should make a shortlist of banks where you could possibly get your home loan. This is when you should get into negotiations to be able to obtain a loan with the best rates. Here are ways on how to negotiate mortgage rate with a bank:

  1. Improve your creditworthiness – Your behavior in using your credit card for making purchases or paying your utility bills is constantly monitored. The information derived from that makes up your credit score. If you do not usually max out your card and you pay all your bills on time, you would have a higher rating. Otherwise, you would incur a low or negative score. At least two months before negotiating for a good mortgage rate, be sure your credit rating is good. If it is not and you think you have been responsible in handling your finances, you could contest the score. Lenders tend to charge higher rates to loan applicants with low scores because they need to factor in the risks they would take in doing business with those borrowers.

 

  1. Have a few costs waived – Lenders do not usually disclose it, but in reality, most of the fees they charge in mortgages can be waived or at least lowered. You could negotiate to trim administration, loan processing, documentation, and application fees. Take a closer look at all the items in the list of fees and try to lower each one, if possible, during negotiations. You would be surprised at how much you could possibly save.
  1. Pay a huge down payment – Home loans are not fully provided to borrowers. All lenders require a down payment, which could be a fraction of the total costs. In the past years, the standard rate of down payment was 20%. But these days, you could opt to take as low as 5%.

 

 

Although taking a smaller down payment is instantly attractive, it is not advisable if you are aiming for a more attractive interest rate. Lenders look at down payments as an indication of your financial capacity. The bigger the amount you pay is, the less risky you become in their perception. Thus, you would be offered a more competitive rate. You could opt to pay more than 20% to impress a lender. Of course, doing so would also help you save more in the long run.

 

It is not advisable to be impulsive and to immediately grab the first product you see. You have to continuously look around to find loans that will be attractive considering your current financial status. Fortunately, there are many options around.

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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