How to get a lower mortgage interest rate?

Topic: How to get a lower mortgage interest rate?

Step 1: Contact a high volume mortgage broker, not a bank.

Reason for contacting a broker is that we pull your credit only once and then shop around for rates for you. The high volume mortgage brokers get discount from the banks on rates. I am a high volume broker and will get you the lowest possible rates.

Step 2. Fill out the application, we have an online application to help make this process faster and easier!

Step 3. Send in requested documents

Step 4. The mortgage broker will pre approve you to the maximum purchase price based on your income and debts.

Step 5. Ask the mortgage broker about any promotional rates. Some banks will have rates that are good for only 30 days.

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Step 6. Our strategy for getting the best rate will be to first get you a firm pre approval. Many lenders will tell you, you are pre approved and then not have a written rate hold period. This is not the best way to get the lowest rate.

Step 7. Only get pre approved with lenders that will let you lock in at a lower rate during the period between your pre approval and date of possession. I have one lender that will allow you to do this as many times as you want.

So for example: jan 1 you get pre approved at 5% for 90 day rate hold period, so April 1.

On feb 1 there is a reduction to 4%, your broker (me) will lock you in for 4% for the next 90 days after feb 1, so this will take you to May 1 with the 4% rate hold. Then on April 30 there is another reduction to 3%. That will take you to July 30 with 3%.

This is my personal strategy for getting you the lowest rate.

How else can I get a lower rate?

1. There is a type of mortgage called a stripped down mortgage, or no frills. It is usually lower than a regular mortgage. However this type of mortgage can have higher penalties and less flexibility
2. Sometimes the variable rate can be lower than the fixed rates. If you know the rates are high and rates are most likely going down, you can go with a variable rate to “play” the market
3. Manulife one is a mortgage type I have access to that can help you save on your overall interest that you pay on all loans. Please let me know if I can run a scenario for you about this and tell you how much I can save you.

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