Getting the Lowest Mortgage Rates Archives - Page 2 of 2

11. You can get the best mortgage, even if you’re in Canada on a work visa

You met a nice bank officer, and he or she advised you to wait until you get permanent residence before you try to get a mortgage. It’s important to know that you don’t have to wait. Despite the bank’s beautiful building and nice lobby, and despite the suits and air of authority from the bank’s employees, most of these employees simply don’t know that there are plenty of mortgages available for people on work visas, with the lowest mortgage rates and terms available.

12. You are the one financing all the literature and the city centre branch rental – whom else would it be?

You are the one financing all the literature and the city centre branch rental – whom else would it be? Canadian banks bring in profits of a billion dollars a year. They will offer you everything in order to have you as a client using a package of their financial products that are most profitable to them. You have a good chance of getting much better terms for any given service, including credit cards, savings accounts, lines of credits, mortgages and other financial services if you shop around. Keeping all of your accounts with one institution weakens your negotiating position.

13. Nobody will be managing your mortgage for the next five years

The bank will forget about you the day after your loan is finalized. Indeed, there’s a good chance that every interaction you have with your bank will be at your initiative, on the day Rinat and Jacob calls you to let you know that the market has changed and how you should prepare for it. In most cases, banks are not equipped in terms of human resources or expertise to give strategic service. It’s not reasonable to expect that you will receive follow-up on your mortgage or be contacted on an ongoing basis by the bank to try to improve your mortgage’s ability to serve your financial goals. Furthermore, their ability to help you is limited to the programs their bank offers. Only an independent expert can prepare you to deal with the market and make sure you’re poised to take advantage when a window of opportunity presents itself.

14. The fact that you got a mortgage with an amazing rate for five years doesn’t guarantee that you’ll save money over the life of the mortgage.

Our goal is to strategically manage your mortgage, maximizing your savings not just over the five year term, but over the twenty five to thirty year life of the loan. Every time a bank offers a promotion that affects you, or the market or your situation changes, we’ll invite you to check your options to save more money. Once each year, we’ll check in with you and see if your needs and priorities have changed, and if adjustments need to be made to your mortgage based on payment pressures, or changes in the rates in the market. Our aim is to prepare you for the rates change and adjust your payment according to the inflation rate, protecting you from unnecessary payment shock at the end of the term. Gradual adjustments will prepare you for the change in your monthly payment and cash flow.