Steps to Getting the Best Mortgage Rates in Waterloo
We have put together some very easy to follow steps that will make getting the best mortgage rates in Waterloo. These steps will work provided you implement them as soon as possible.
Interest Rates are Constantly Changing
When shopping for the best mortgage rates in Waterloo, you have a choice between fixed or variable rates. Each of these options has their own inherent benefits and risks.
- Variable Rate Mortgages
With this type of mortgage, your rate of interested changes as the prime lending rate (Prime) changes. This prime rate is set by the Bank of Canada. If you feel interest rates are going to drop then having a variable rate mortgage can help you save money. On the flip-side, if rates rise (which seems to be the general consensus) then you will pay more interest on the mortgage.
- Fixed Rate Mortgages
These mortgages as the name states, has a fixed rate. If interest rates rise, you still pay the same rate however, if rates drop then you would be forced to pay the agreed upon fixed rate. These fixed rate mortgages usually have a term of 1-7 years so when the term comes due, you will have to either take a fixed or variable rate at the prevailing market rates.
Finding the Right Mortgage Expert in Waterloo
To give yourself the best possible chances of success, you need to get expert help. You wouldn’t try to do dental work on yourself so why would you try to get your own mortgage! It would be smart to find mortgage experts in Waterloo that work for your business. These experts are mortgage brokers and are licensed by the Financial Services Commission of Ontario (FSCO). These government agency licenses these mortgage brokers to meet industry standards in competency and ethics.
After you have confirmed the prospective mortgage broker is licensed by FSCO, you should get quotes from them to locate the one who is going to get you the lowest possible rates. While getting a good deal is vital, you should also have a good rapport with the mortgage broker. By having a strong relationship, you will be able to go back to them when it comes time to refinance your mortgage.