Securing the Best Mortgage Rates in Cambridge
Mortgage rates are facing some upward pressure and if you are interest rate sensitive, now is the time to secure the best mortgage rates in Cambridge. Your local bank is not going to give the best rates, they are in the business of making money from lending money at high rates. Your best bet when trying to find the best mortgage rates in Cambridge is to find a Cambridge mortgage broker ASAP!
Listed Rates Vs Best Rates
There are a substantial number of variables that go into calculating an interest rate but for the sake of simplicity we will focus on the primary influences. You may see that the Bank of Canada has set it’s current prime lending rate at 3.95% but you will never get that rate. This rate is the amount that banks are charged to borrow money from the Bank of Canada to fund mortgages when the bank does not have the funds available. Since the bank is trying to make a profit they are going to tack on additional interest and fees. You may be scratching your head and wondering, what is a good deal? Well it depends on your personal set of circumstances.
If you are looking to buy a home, then you should find a Cambridge mortgage broker with a great reputation and get them to provide you with a quote. After receiving that quote, if you were to go to your local bank and get a quote from them, it would be higher. So the Cambridge mortgage broker is going to get you the best rate based on your profile but not the actual best rate since only banks get that.
Fixed or Variable Rate
To lock-down the best mortgage rates in Cambridge, you should consider going for a fixed rate mortgage. A variable rate mortgage gives you the opportunity to save money if rates go down but with interest rates poised to rise over time, it would be prudent to lock in the rates now. If you have not found a Cambridge mortgage broker yet, you should begin looking now or run the risk of paying higher interest.