Find the Best Mortgage Rates in Ontario Canada
One way to find the best mortgage rate and borrowing terms in Ontario, Canada is to start comparing all of the different bank rates, discount lender rates other lender rates. There are many factors to consider when shopping for mortgage rates between institutions that go beyond the posted mortgage rate.
Each lender has a hidden discount factor which they can reduce the mortgage rate depending on the credibility and documenation of the buyer. The more income that can be documented, the better the interest rate. Regulators have placed institutions under increased scrutiny, so they must comply with more lending laws and also lending oversight. This results in many credit worthy borrowers either not being offered the best interest rates or not qualifying for a mortgage at all.
In the U.S., many credit worthy potential homebuyers cannot get a mortgage at an acceptable rate or at any mortgage rate. This makes seemingly low interest rates not true for many potential buyers because the loan is not accessible. Borrowers must settle for excessively high interest rates over 6 percent and in some cases up to 11% or more from hard money lenders because they cannot verify their income, are self-employed or are just moving to the country and are not allowed to show their credit records from the country they are arriving from.
This leaves many buyers not just wondering about finding the best interest rate, but finding the best interest rate they can actually get from a particular lender.
Shopping mortgage rates across banks and lenders is be very time consuming so it makes sense to consult a local qualified mortgage broker who has the industry contacts and can navigate the mortgage application process with you to find the most appropriate lender for your particular situation.
If you are in the Burlington area, contact the best mortgage broker in Burlington for assistance.
Happy Home Loan Hunting!