I’ll say it time and time again… the best mortgage lenders aren’t just the lenders that offer the best rates. Many applicants are fixated on rate and though that’s understandable, the best mortgage lenders are the ones that cater to your unique financial situation. If you think about it, the best mortgage lenders are really the lenders that offer terms and conditions that work best for you and your long term or short term strategy, whether it’s to break and sell at a later date, consolidate debt into the mortgage or use your equity as a revolving line to do renovations. Some lenders even offer purchase+ improvement options where they’ll finance the renovations of your purchase to bring it back within fair market range. There are a multitude of options that different lenders offer and if you focus primarily on rate, it often times restricts what’s available to you… you’re only cheating yourself at this point.
Now, this doesn’t mean it’s not possible to get the best of both worlds. Chances are, it’s more than likely to find a mortgage product suitable to your needs with a very appealing rate… especially if you have great credit. Ultimately, what I would like for you to take away from this topic is to make rate a focus, but not the only focus. Discuss with your broker the long term goals you have in mind, the duration of time you plan on staying put and likelihood of any future objectives you’d like to achieve by being a home owner. You’d be pleasantly surprised the options available to you by the many lenders we deal with… and those options are what makes the best mortgage lenders the right fit for you.
Having said that, how do we find the best mortgage lenders for you? Well we use the information you provide us and map out the pros and cons on each suitable mortgage lender… process of elimination really. We map out everything from cost over the term, penalties associated with breaking within term, pre-payment options, home line flexibility and yes… don’t forget interest rate! It’s about asking qualifying questions; questions you may not have otherwise though about but are important in making such a big decision. This is our expertise, and we can sometimes tell from the first conversation which lender is first in line for you. Also, remember that aside from the 5 major banks, there are many schedule A lenders that compete heavily in the market. You may not have access to them, but we do… and they’re right on track with what they offer. Not only are their rates competitive, but they can sometimes be much more flexible than the ‘big banks’ making them contenders in the ‘best mortgage lenders’ category. Don’t be afraid to explore these options when your broker suggests them to you… regardless of your comfort zone.
Contact us today for more information – we’d be happy to help!