Since banks and other lenders provide various mortgage offers, it may be difficult to select the best one considering the numerous factors needing to be analyzed to make a solid decision. A potential buyer also needs to understand how much is a reasonable amount to borrow as well as the implications of payment frequency.
This is where an experienced mortgage broker at Richmond Lending in Markham will help and evaluate your financial abilities, estimate how much you need to borrow and your preferred mortgage payments schedule before identifying and obtaining the best mortgage loan with a low interest rate for your first home purchase or mortgage refinancing. Our knowledgeable Richmond Lending brokers in Markham can also calculate the amount of mortgage insurance premiums if your down payment is less than 20 percent of your home value. Interest rates can vary widely even from day to day so locking in on the best rate is extremely important. One of the easiest ways to do this is to enlist the help of a mortgage broker who can act as an entry way to a variety of lending institutions – banks, credit unions, etc.
Let us help you get the best mortgage rates and save you thousands of dollars. It is advised that you contact a Richmond Lending Mortgage broker in Toronto to compare mortgage rates in Toronto with Richmond Lending before you lock in with another lender.
Why use a Mortgage broker?
The reasons vary but mortgage brokers are trained professionals helping you in a very confusing process, especially if you are a first time buyer.
Mortgage brokers give you more choices which translate into better rates. For most, negotiating mortgages can be uncomfortable and intimidating; mortgage brokers negotiate for the homebuyer with banks and financial institutions on a regular basis and have knowledge in getting the best rate available.
Whether you are buying a new property in Canada or refinancing your old one, you will probably need a mortgage. Your first decision is whether to go to a bank or a mortgage broker. While both are capable of arranging the mortgage, there are important differences; a mortgage broker is someone who searches for the best deal for the borrower and connects them to the lender and to work for best rates on your behalf.
The service of a mortgage broker at Richmond Lending is free and we don’t get paid until the mortgage is secured and that motivates us to negotiate the best deal for you. A mortgage broker at Richmond Lending has access to over 50 of the most trusted lenders in Markham and will provide support throughout the home-buying process.
A bank, on the other hand, lends its own money and benefits mortgage service charges paid by the customer. This may be the cheaper route, but expect less of a service than you might get from a mortgage broker in Markham, Canada.