HOW TO GET THE LOWEST MORTGAGE RATES IN KITCHENER WATERLOO AND CAMBRIDGE
Discover what most mortgage shoppers don’t find out about getting the best mortgage rates.
There’s something more you need to know.
Discover the simple truth.
Here you will learn the simple truth of exactly how to get the best mortgage rate and save the most possible on your mortgage. We will do this by looking at the three ways to get a mortgage in Kitchener Waterloo and Cambridge and how each of these ways can benefit you.
1. Going to a Bank
Over 90% of mortgages in Canada ultimately come from Banks. The Big Banks offer recognition and comfort, which are great plusses. But these things can come at a cost as Bank branches are not usually forthcoming with their best mortgage rates. For this reason, the Bank can be a good first step when mortgage shopping – but certainly should not be your last if you are seeking the absolute lowest rate.
2. Talking to a Mortgage Broker
By shopping Big Banks and several non-Bank mortgage lenders for the best deal, Mortgage Brokers offer you an opportunity to instantly become more competitive. They will typically offer you a rate that slightly undercuts the rate that bank branches are offering. Although in some cases, Mortgage Brokers will simply provide you with the same discounted rate as a Big Bank.
While this may generally sound good, there is one more way to consider shopping for a mortgage that can yield you some pretty huge benefits.
3. Connecting with Altrua Financial
Altrua Financial is an evolution of the Mortgage Broker model. But instead of undercutting the Bank rates only slightly, Altrua relentlessly pours every effort into discounting your mortgage rate as low as it can possibly go. Altrua does this in three main ways:
- Altrua uses some of the commissions it gets paid by mortgage lenders to ‘buy down’ your rate.
- Altrua has Top Tier relationships and large volume discounts with lenders that result in rate specials other Brokers don’t have access to.
- Altrua is an extremely secure and efficient online operation. This enables us to consistently discount rates on quality mortgages by keeping our costs low.
So by connecting with Altrua Financial, you get the best of Bank and Broker – at the lowest possible rate in Kitchener Waterloo and Cambridge. We think you’ll agree that the only thing as great as getting the lowest rate – is the high level of service you’ll receive.
Why pay more for the exact same mortgage?
OR Scroll Down to See How You Can Avoid Dangers in the Mortgage Fine Print.
Today’s well-informed mortgage shopper expects the best of lowest rate and top notch mortgage products.
Don’t be distracted by rate only to find yourself with a sub-par, inflexible and ultimately more costly mortgage product or service. Here we will review the three ‘mortgage fine print traps’ that are commonplace in today’s market.
- The Collateral Charge Mortgage
- The Mortgage Penalty
- The Mortgage Renewal
Collateral Mortgage
The collateral charge mortgage is a big trend. Its main limiting feature is that you can not easily renew to a different lender, at the end of your term. The only way out of a Collateral Mortgage is to Refinance, which can be time-consuming and costly. This leaves you in a bad negotiating position when trying to get the lowest rate on the renewal, and is likely to cost you money. So try to AVOID the Collateral Mortgage.
Check out this article from CBC for more info.
High Penalties
There are vast differences between penalties charged, from mortgage to mortgage. What can seem like comparing apples to apples in mortgage land, is often not the case due to how penalties are calculated. The key is to try and find a mortgage with a more generous and flexible penalty calculation. This is a big deal if you want to make a change to your mortgage DURING the term – which is something most mortgage holders will face at some point. The difference can literally be in the thousands of dollars. Contact Altrua for more info on mortgage penalty savings.
Mortgage Renewals
The main point here is simple but powerful: Be sure to shop around on your renewal date. Taking your lenders first offer can easily end up costing you THOUSANDS of dollars more over the life of your mortgage. Altrua Mortgage Brokers keeps track of your renewal dates and contacts you proactively to start shopping. Be well positioned to save the most up front, and over time.