Rate

When you see the best rates promoted by a lender, keep in mind that some rates are offered only to specific clients. For instance: at a certain point in time medical doctors and chiropractors were offered rates that the general public, and even other professionals in the medical field, did not get.
For each client’s profile there is a different Best rate. For example, at a certain time the best rates that were offered to insured mortgages (less than 20% down payments) were significantly lower than those offered for regular mortgages. When calculating the insurance premium, the overall cost for regular mortgages was much lower than the insured, although the rate was much appealing. At Sneg Mortgage Team you’ll always get access to the best rate in your category.
Rate hold is usually up to 90-120 days, depending on the lender. Best rates often come with only 30-60 day rate hold periods (“quick close”).
Usually, yes. But the most important thing would be to analyze your whole mortgage offer, estimate its cost and get you a much better offer. As you can see you cost is least influenced by the rate. Other key factors play a much significant role in making your mortgage unnecessarily expensive.
With some lenders this is not an automated process. Your mortgage broker should monitor the market for you and request it.
We try to avoid securing pre-approvals as they often come with a rate premium. Also, pre-approvals usually guarantee close to nothing. We prefer securing a rate hold and have a pre-qualification process done. In our process, we make sure the underwriter who makes the decisions on your file reviews it first and gives you accurate feedback. If you received a pre-approval, check with your bank officer if your income has been checked with your employer; this will give you an insight about the validity of your pre-approval.
In most cases, your best deal is not with your current lender. At Sneg Mortgage Team we contact you 4-6 months prior to renewal, start exploring what is available for you in the market, and get you a rate hold at best rates.