How Mortgage Brokers help you get the Lowest Mortgage Rates in Mississauga ?

The last quarter of 2016 changed the whole residential mortgage business. The new mortgage rules announced by Canadian Department of Finance have put the borrowers in a fix. Change in lending and borrowing rules have complicated the residential mortgage scenario for homeowners.

The new rules tend to stress test the borrowing capacity of a buyer. All this comes down to the down payment. Things seem smooth for conventional borrowers but high-ratio borrowers have an additional liability towards paying for lender insurance. The qualifying rate for insured high-ratio borrowers is as high as 4-5%. This has caused a big setback to homeowners’ buying power. Some borrowers who initially qualified for a mortgage, don’t even come close according to the new set of rules.

Also, an increase in the low-ratio insurance premiums has complicated the situation a bit more. That means the mortgage rates go even higher. Collectively, borrowing power has fallen as few are able to qualify for the mortgage. On the other hand, interest rates have gone up. Tricky situation eh?

That’s where mortgage brokers make an entrée. If it’s a mortgage firm like Mortgage Division, that ensures best and lowest mortgage rates, it’s the cherry on top.

If you feel that your home buying dreams have taken a back seat, there’s never been a better time to consult a professional mortgage broker. A mortgage broker has an access to a large number of resources. They have an access to banks and credible lending institutions that eases out this tedious process of borrowing.

Why you need a mortgage broker when you can do the work yourself? Well. Let’s face it. Government changes mortgage rules every now and then. It’s difficult to keep up with the new rules and regulations. Assuming that your hands are already full with your job and family, not being in touch with changing norms can cost you dearly.

A professional mortgage broker is always up-to-date regarding latest mortgage rules and will keep you posted on how you should go about your mortgage. Plus, they’ll hand pick the best lending institution, banking or non-banking, according to your borrowing power. They’ll also save you from any hidden cost or clause that you might never notice.

So are you seeking a mortgage to buy your dream home? Get the best and lowest mortgage rates at Mortgage Division. Guaranteed.