A popular question bantered about drinking a cup of coffee is “what is the best mortgage rate”? Neighbourhoods teaming with homeowners want to know what the best mortgage rate is so they can be sure they aren’t paying too much. What’s more, most Canadians will refinance their mortgage every 3 years so it pays to be prepared for your next transaction.
The question, what is the best mortgage rate, however isn’t answered so easily. The real question that’s being asked is “what’s the best 5 year fixed first conventional mortgage rate for a qualified borrower on a residential, owner-occupied home closing within 120 days”? Although some people may have implied these details from the question, there are a great many Canadians who do not understand nor meet all of these subtleties. The mortgage rates quoted on www.rateshowroom.com separate these details so borrowers can compare mortgage rates that apply to their individual situation.
Not only are there a great many subtleties between the current mortgage rates, there are possibilities for limited time mortgage rate specials. When asking the question “what is the best mortgage rate?” does the person want to know these mortgage rate specials as well? These mortgage rate specials are designed to attract additional mortgage business to a mortgage lender and are often reserved for only new mortgage applications. That’s to say if you were approved by them before the mortgage rate special was offered you would not be eligible. What’s more they are usually offered by only one of the many mortgage lenders. Discovering the identity of this mortgage lender is likely out of the expertise of the coffee shop crowd. In order to discover what the best mortgage rate is you should check in often at www.rateshooroom.com and seed the guidance of an accredited mortgage professional.