Everyone who needs a mortgage wants the best rate on the
current market. However a good rate is only one way to save money on a
mortgage. Adjusting payment schedules,
creating flexibility on the amortization or paying-out consumer debt are
cost-saving strategies too
often overlooked by most people.
Focusing only on the mortgage rate and finding a rate that’s
“too-good-to-be-true,” often leaves people paying more fees in the future.
Banks and brokers work mortgage interest rates differently.
The chartered banks have posted and discounted rates. If you decide to work
with a bank, then the rate negotiation is up to you. It’s almost like buying a used car and negotiating
the price - you’re
never really sure what the best price really is. Negotiating your mortgage with a bank can be as frustrating as
haggling for a used car…and
that’s where a mortgage broker can help.
There are several seasoned mortgage brokers in Guelph that
have strong reputations for
helping their clients find the best combination of rates and features. At The
Mortgage Centre (Guelph), we’ve built a team with such standing. If you trust your mortgage broker
to do their job, they’ll find a good mortgage that combines a low rate while
still giving you the features you need to save money and meet your financial
goals.
Recently I worked with a group of investors in negotiating a
commercial mortgage with their own bank and saved them nearly 0.5%. That may
not sound like a lot but
it was for a million-dollar loan, saving the clients $5000 per year in
interest. Whether it’s a commercial mortgage or one for your home, let someone
else who knows the mortgage market negotiate on your behalf.
I always keep my pulse on the mortgage market and check www.cannex.com to ensure my rates are
competitive. I would encourage you to do the same!
I'd love the hear how you negotiated a better rate for yourself. Please leave a comment!
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