How to get a Mortgage Approved with Lowest Interest Rates?
Here is the answer!!
As we know there are two types of mortgage rates in general. Fixed Rate and Variable Rate. Fixed-rate financing means the interest rate on your loan does not change over the life of your loan. Variable-rate financing is where the interest rate on your loan can change, based on the prime rate or another rate called an “index.” Let’s talk about how you can find the best mortgage rates in Canada.
Let’s say you are a salaried employee and have a fixed income paycheck deposited into your bank account regularly and you do not really want to be attentive to the finance side of the market where you have to keep an eye on the interest rates to check your mortgage rates often. Perhaps you are able to afford the fixed amount of expense towards building your asset. If this is the case, a fixed mortgage product will be the right option for you.
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Let’s say, you are self-employed who have the freedom to keep an eye on the market for the interest rates ups and downs and are interested in understanding the working of the financial industry to create an awareness and learn your personal finances. You will better suit with the variable option. This way you can keep a track on your finances as well as play with the numbers within your reach.
Most of the brokers are able to provide you with the lowest interest rates as they all share the common lenders but the ones who have the option to hold the rate for a maximum period until we are satisfied with property we are buying and preparing to put our finances together for a down payment will be the best broker to connect. They also do not require a credit check until we personally sign that specific agreement. Nesto has some great options for a lower rate and a rate hold period is up to 150 days that is more than 3 months which is good enough time to choose the property and prepare for down payment. You can simply check out by filling their online form and book a call with an advisor to know more. nesto.ca