While this doesn’t come as any big surprise to me that mortgage holders want to secure the lowest interest rate possible, the idea of finding the best residential mortgage rate through just surfing the web does.. a bit.
Depending on who you are talking to, there are many different pieces of advise you can expect to find when it comes to interest rate shopping. While I don’t plan to cover off any type of fool proof approach, here are some things to consider.
First of all, its going to be unlikely that you’re going to be able to find the best rate by just surfing the web.
Why? Several reasons. First, there can be significant differences between the posted rate and the actual rate the lender is prepared to provide. Second, regardless of what rate is posted, you still need to qualify for it and there is no guarantee that you will still get the rate shown on a web page. Third, posted rates through an individual lender will only show their best rate which may not be the best in the market. Fourth, broker posted rates will only cover off the lenders they are dealing with which again may not cover off the entire market of mortgage lenders that are directly relevant to your situation.
In order to be able to zero in on the best available rates for your particular scenario, you would be well advised to work with an experienced mortgage broker who has broad access to lenders in the market place, and who maintains a good pulse of where the best deals can be found at a given point in time.
There are other things to consider such as not requesting maximum mortgage amounts. The more equity that is available post mortgage, the less risk being borne by the lender, which should equate to a lower interest rate offering.
Lastly, start the process of looking for the best home mortgage rate early and allow ample time for the process to be completed. The market can change suddenly, providing short term opportunities that you can take advantage of, if you’re ready to take advantage of them and understand a good deal when it presents itself.
If you’d like help locating and securing the best home mortgage rates on the market, please give me a call and we’ll go through your requirements and the available options together.
I'm a Toronto Mortgage Broker that arranges mortgage solutions on residential and commercial real estate property. With over 30 years of mortgage financing experience, I'm able to quickly assess your financing requirements and provide relevant solutions for your immediate consideration. Joe Walsh Google+ YouTube Channel