A new Canadian startup is looking to shake up the homebuying process by allowing homeowners to make their next purchase before the sale of their current home.
“Not only does a mortgage pre-approval give you the lender’s estimate of your borrowing power, but it also offers you an interest rate hold for up to 120 days in many cases.”
“To get the best interest rates, you’ll want to be pre-approved by a mortgage specialist who works with multiple lenders . They’ll be able to compare lenders and shop around for the loan terms that best fit your budget.” Not sure about why a pre-approval can make such a difference? Check out this article from the Financial Post:
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“With Ontario mortgage rates falling ever since the COVID-19 pandemic hit in March, many people are wondering why. The main reasons for mortgage rates falling across the board are:
1. The Bank of Canada cutting its overnight interest rate,
2. Record low bond yields on Canadian Government bonds, and
3. Added competition among mortgage lenders for business
This trend of low mortgage rates has not only played out in Ontario, with the rest of Canada also seeing record low mortgage rates. This article will explain all three of these reasons in depth, and will give you a better understanding of why mortgage rates are so low.”
Canada Mortgage and Housing Corp. is making it easier to get federal mortgage insurance, reversing tougher rules that were imposed a year ago.
“Ontario’s Minister of Education, Stephen Lecce, has announced that Ontario’s Grade 9 math curriculum will be modernized this fall to better equip students for the future with courses on financial literacy, coding, data, and more.”
We are so pleased to see Ontario including mortgage literacy in the new Grade 9 curriculum!
Millennial and Gen Z mortgage brokers are “embracing new tools and they’re changing the fundamental way people want to work.” Read more about how they are using new ways to make alt lending the norm.
“If you’ve found yourself enticed by a better mortgage rate or another lender offering something more competitive, there’s something you should ask yourself. Does it make sense to break my current mortgage and lock it in at a lower rate?”
Many clients are looking at the option of breaking their current mortgage to save long term.
Read Pattie Lovett-Reid’s full article for the details:
The Financial Post has 6 steps to help you secure the lowest rate possible. Skip Step 3 and talk to us! Mortgage Brokers do all the shopping around for you to make sure you get the lowest rate available.
Read the whole article here: