Getting the Best Rates for Your Mortgage
Naturally, you want to get the best deal for the least amount of money. This holds true for mortgage rates as well.
A lower interest rate means a lower monthly mortgage payment, which can save you money in the long run. Also, it is easier to qualify for a lower payment than a higher one.
You basically have two routes to finding the best rate. The first is to do all the research on your own. The second is to use a mortgage broker.
Do-It-Yourself
With the advent of the Internet, much of this information is readily available online. Once you have educated yourself sufficiently about real estate loans, all it takes is the time and energy to sift through online resources to find the information you need.
Rates change quickly. That great rate you find today might not be there tomorrow. Once you find the rate you are looking for, submit a loan application and lock in that rate.
Some sources for interest rates on the Internet include:
Bank Rate Monitor (http://www.bankrate.com)
E-Loan (http://www.eloan.com)
When comparing loans, make sure that you’re comparing loans of the same type.
For example, you find that “Loan A” for a 30-year loan has a much lower interest rate than “Loan B” (also for 30 years). Upon further inspection, you find that “Loan A” is technically an adjustable rate mortgage. Its payment is based on a 30-year amortization, but becomes due through either payment or refinancing at the end of 5 or 7 years. These are frequently referred to as a 5-year or 7-year fixed-rate mortgage. While both said “30-year”, they are not the same type of loan.
Ask the lender for a statement detailing all fees associated with the loan. Factors such as “points” (loan fee), interest rate and “garbage fees” (extra fees which some lenders charge) can vary greatly from one lender to another.
Mortgage Broker
If you do not have the time or experience to “do it yourself,” look for a qualified mortgage broker that can assist in finding the right mortgage for you. Ask friends and associates who have refinanced or purchased recently if they have a broker they can recommend. You’ll want to find a broker who is energetic, flexible and knowledgeable about finance and loans and someone who has your best interests in mind.
There’s no doubt that AI is transforming nearly every industry, and real estate is no exception. From virtual staging to automated property valuations and marketing material that seems to write itself, artificial intelligence is making waves. But what’s actually helpful, and where does the human touch still matter most? Here’s a closer look at the realities of AI in real estate today:
Some homes are built to sell. Others are built to stay. But every once in a while, a home is built with such care, such craftsmanship, and such a bold vision that it becomes a legacy. Welcome to 198 Pasmore Street! A property seven years in the making, where every inch tells a story of patience, passion, and perfection.
With temperatures soaring, there's no better time to take advantage of Guelph’s free splash pads! Whether you're wrangling energetic toddlers or looking for an easy way to cool off after work, these community water spots are the perfect summer escape. Here’s your ultimate splash pad guide for Summer 2025 — locations, hours, features, and a few local tips!
