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.

Comments

Post a Comment

Popular posts from this blog

Who enjoys the Lowest Mortgage Rates, High Ratio Borrowers or Conventional Borrowers?

Image
2017 sees a boom in real estate market. As the bank go lax on interest rates to promote spending, there’s never been a better time to step into your dream home. But one must know what they’re about to deal with before buying a mortgage for a property. Mortgage Division, a firm that provides the lowest mortgage rates in Mississauga , maintains transparency on how your down payment schedule ACTUALLY affects your savings and the mortgage rates you’ll actually be getting.           Now there’s been a lot of speculation regarding what’s better in terms of down payment. Is it good to pay a down payment that’s more than 20% of the purchase price of the property or to put than less than 20%? That’s the difference between high-ratio borrowers and conventional borrowers. High ratio borrowers are the ones who make a down payment of less than 20% and conventional borrowers are the ones who pay more than 20% as down payment. Now typically, it...
Read more

Refinancing the Home Mortgage Loans Mississauga

Image
 Pros and Cons of Refinancing the Home Mortgage Loans The concept of refinancing of mortgages is not a new trend; it has been there for quite a long time. Whenever there is a drop in the market and mortgage rates decrease to new levels, the lenders witness an influx of applications for adjusting the mortgage rates according to the latest one. Now what exactly is the process of refinancing the mortgages in Mississauga ? It can be  defined as availing the new, slashed mortgages rates to pay off the existing loans. Usually when the homeowner approaches the lender for new rates, it comes with new terms and conditions that usually beneficial for him.  In other words, it is the process of replacing the old interest rates and terms with the new ones that is highly beneficial for the borrower. It has been witnessed that for the past few years, the mortgage rates are quite down which is an open invitation to individuals who have taken the mortgage loans at least a decad...
Read more