So I figured I would start out with letting you know what I do. As a mortgage broker, I deal with most of the lenders you know of, and many that you wouldn’t. Trust and life companies, credit unions, that don’t have a branch on every street corner, and because of that, often offer very attractive mortgage rates to you the consumer. If you qualify normally(approved at your bank), I charge NO BROKER FEES, the lenders pay me, and at the same time you get great rates. The other advantage of dealing with a lender through a broker channel, is that they do NOT want your banking. Nothing in your personal banking life has to change. You just provide a VOID cheque to the lender, and they withdraw your mortgage payment from whatever bank account you want. No changing of bank accounts to get a better mortgage rate.
Did you know that it is illegal to tie rate to services? So always get the best mortgage rate you can, without strings attached.
Also remember that rate is not everything, and what you see is not always what you get. When requesting a mortgage rate, always make sure whoever you ask knows you’re circumstance, because who you are and what you’re needs are directly affect what you will get. I’ll write another post later on “all mortgages are not alike”.
So here are best rates that I know of…
5 yr fixed closing within 45 days 3.04%
5 yr fixed closing within 120 days 3.09%- insured- less than 20% down payment
5 yr fixed closing within 120 days 3.14%- conventional- more than 20% down payment
5 yr fixed closing within 6 months 3.44%
5 yr fixed closing within 12 months 3.94%*
*(this lender requires a $500 deposit before committing- non refundable if you don’t take the mortgage in the end)
Best variable Prime -.55% 5 yr variable(3-.55=2.45% today)
7 yr fixed closing within 120 days 3.70%
Dan
