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Top 3 Red Deer Mortgage Rate Questions:
Question #1: Can a Red Deer mortgage broker get me a better rate than the bank?
- In most cases, the answer is yes. In addition, mortgage brokers have access to multiple lenders, so we are able to find you the best rate, suited for your specific needs. Mortgage brokers aren’t tied to just one lender, which gives us the ability to not only shop around for the best rate, but also the best product as a whole. We also often have lenders who offer exclusive deals. Ultimately, you are traditionally more likely to get better rates with a mortgage broker, than without.
Question #2: I saw a Red Deer mortgage rate advertised on another site, can you match it?
- Generally speaking, we would be able to match the rate you are seeing advertised. However, it is extremely important to know all of the details in regard to the specific rate that is being offered. There are banks and brokers alike that will often advertise a flashy rate, but the terms and approval criteria are very specific and difficult to achieve or have less than desirable restrictions. Of course, those things are not advertised with the rate. They are most often found in the fine print. It’s incredibly important to work with an honest & upfront mortgage professional who will educate you on the differences in rates and products and how they can affect your short- and long-term goals.
Question #3: Should I go with a fixed or variable rate mortgage?
- With a fixed rate mortgage, your mortgage rate and payment remain the same for your chosen mortgage term. Fixed rate terms make the most sense for many first-time homebuyers and those who are risk adverse, as you then have the security of a set mortgage payment for the full term of your mortgage.
With a variable rate, your mortgage rate and payment can change at any point during your mortgage term. This traditionally happens during 8 scheduled interest rate announcements the Bank of Canada makes each year. When rates go down, your payment goes down, but when rates go up, your payment also goes up. For those interested in variable rates, it’s important to weigh out risk verses reward, and how the decision could affect your monthly budget and financial goals
- If you’re like most Canadians, your mortgage will represent the single biggest purchase of your lifetime. A good mortgage broker Red Deer will know the right questions to ask you and the crucial information to provide you, so you’ll feel more in control of the situation, and are able to fully understand the differences in not just rates, but mortgage lenders & products as a whole.
It is our goal to put your mind at ease during the home buying process and together, we will determine the best rate, lender & product solution for you and your specific home buying needs.If you would like to APPLY for a mortgage or are interested in more information, please contact us TODAY!
Our banks & lenders offer us weekly and daily unadvertised rate specials! We love passing along the best rates available to our clients. Due to fluctuating financial markets, mortgage rates change often! Contact us today to receive current rates and a complimentary in-depth quote and overview of current market conditions affecting the mortgage market.
If you are interested in more information, contact Katherine or Cheryl at Red Deer Mortgage Lending today!
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* Insured mortgage rates, subject to change. Conventional and refinance rates may be higher. OAC. E&EO