How To Save Money On Your Mortgage
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For many, purchasing a home is the largest investment they’ll ever make so a mortgage (sometimes referred to as a home loan) isn’t something to take lightly.
You want to make sure you choose the mortgage that is best suited for your needs and get the lowest interest rate on that mortgage in order to save as much money as possible. The lowest interest rate alone doesn’t necessarily mean that you're getting the best deal. The terms and conditions within your mortgage contract can also have a great effect on the overall cost of your mortgage. If your mortgage doesn’t match your needs, you could end up paying thousands of dollars in unnecessary penalties and fees. For example, sometimes Lenders offer mortgages commonly known in the industry as “low rate basic” or “no frills” mortgages. These are mortgage products that offer a very competitive interest rate but are usually limited in features or have certain restrictions such as flat rate penalties or sale-only clauses which could end up costing you a lot of extra money if you need to break your mortgage contract early. |
My job as your Mortgage Specialist is to understand your needs and the plan you have for the home you’re buying and then search through offers from dozens of different Banks, Credit Unions, and other types of Lenders to find you the right product at the lowest interest rate.
How Do I Find You The Best Deal On Your Mortgage?
The first step is to get a proper mortgage pre-approval. Once that’s in place, you go out and find your perfect home that falls within your budget. You’ll write an offer on that house with your Realtor and when that offer is accepted by the seller, that’s when I jump into action and find you the best deal!
The first thing I’ll need to know is what your plan is for the home you’re purchasing
The answers to all these questions will have an effect on which mortgage product is best suited for you.
Other factors that affect which mortgage products and interest rate options are available to you are:
As you can see, there are a lot of factors that need to be considered when shopping for the best deal on a mortgage.
Once I have all this information, I will compare offers from dozens of different Lenders to find the best for your situation.
Every home buyer has a unique situation so to find the best deal possible, you need a wide variety of options.
Your Bank or Credit Union might be able to give you a mortgage but the chances of it being the right mortgage for your needs is slim because they only offer a few different options.
Don’t settle for just any mortgage with a decent interest rate.
Call me today and I’ll find you the best deal on the right mortgage to save you the most money possible!
The first thing I’ll need to know is what your plan is for the home you’re purchasing
- Is it just a starter home that you plan on upgrading within the next few years?
- Is it a short term home that you plan on fixing up and selling again or will this be a long term home for you and your family?
- Is it a duplex or side-by-side and you plan on living in one side and renting out the other?
- Is it purely an investment property that you’re going to rent out?
The answers to all these questions will have an effect on which mortgage product is best suited for you.
Other factors that affect which mortgage products and interest rate options are available to you are:
- Type of home - detached, condo, side-by-side, duplex, triplex, mobile home, ready-to-move (RTM), cottage, etc.
- Price of the home - less than $100,000, over $500,000, over $1,000,000
- Location - City, rural, on leased land, less desirable areas of the city
- Down payment amount - less than 20%, 20% or more, 35% or more
- Possession Date - some Lenders offer rate specials if possession date is sooner rather than later
As you can see, there are a lot of factors that need to be considered when shopping for the best deal on a mortgage.
Once I have all this information, I will compare offers from dozens of different Lenders to find the best for your situation.
Every home buyer has a unique situation so to find the best deal possible, you need a wide variety of options.
Your Bank or Credit Union might be able to give you a mortgage but the chances of it being the right mortgage for your needs is slim because they only offer a few different options.
Don’t settle for just any mortgage with a decent interest rate.
Call me today and I’ll find you the best deal on the right mortgage to save you the most money possible!
