With rising interest rates comes rising mortgage rates. And if you are in the market for a second mortgage, getting a low-rate mortgage is especially challenging. But there are some things that you can do to ensure you do receive favourable rates. For one, you should compare mortgage rates across Canada so you are aware of their trends in various jurisdictions.
In Canada the best mortgage rates aren’t publicly advertised because they are reserved for a select group of borrowers. But one thing that you can so to ensure you get access to those rates is select the right mortgage partner.
Mortgage dealers – A win-win partnership
Working with a mortgage dealer, rather than a bank adviser, has many benefits. Here are some:
Applying for a mortgage in Toronto can be very challenging on its own. But when you must also negotiate with multiple lenders to try to get great deals, it becomes extremely challenging. With a private dealer, you can get the best of both worlds: They negotiate with multiple parties, while also personalizing a mortgage solution just for you.
Choosing the right broker
As one of the more notable private lenders in Ontario, Mortgage Genie has a team of brokers and advisers that help clients select the best mortgage products and services that meet their needs. And even if you do have certain challenges, say with your credit rating or existing financing abilities, your Toronto mortgage broker will work closely with you to negotiate with lenders, so you get the best deals possible.
Since the lenders are eager to get your business, brokers are in a better position, than banks and large mortgage corporations, to offer clients the best second mortgage rates available through multiple lenders.