Buying a home is an expensive proposition, but that doesn’t mean you need to break the bank to get into the market- Scotiabank has over 1,000 mortgage specialists working day and night to find you the best rates available, read on for tips on how to get the best mortgage rate possible.
The first thing you’ll want to do is get pre-approved for a mortgage: A pre-approval is essentially a letter that states that you are approved for a certain amount of money, this will go a long way to helping you shop around for loans and find a lender that is more likely to lend to you although it may take a little bit of time to get this done, so be patient; you may also want to consider getting an appraisal done on your home to help determine the value- this will be useful in determining what scotiabank mortgage rates you can get – the more equity you have in your home, the lower your mortgage rate will be.
Know your risks
Now that you have a better idea of what is out there, you’ll want to start thinking about the different risks associated with each option, there are a few things to keep in mind when deciding which mortgage is right for you.
- Interest rate: This is perhaps the most important consideration to make; if you can obtain a mortgage at a better rate elsewhere, you may end up spending less overall, the interest rate is a crucial factor to consider because excessive rates can add up throughout the life of the loan.
- Loan amount: Loan size is also important, a lesser loan amount will result in lower monthly payments, but a bigger overall loan amount, which could mean more taxes and fees.
- Duration: Your final consideration should be the loan’s length; a shorter loan will have a cheaper monthly payment, but you’ll pay more in taxes and fees.
Now that you have a better idea of what is out there, it’s time to start shopping around, this is a crucial part of the process, as you don’t want to be stuck with the first lender that comes along and there are a few things to keep in mind when you are shopping around:
- Shop around and compare rates from different lenders.
- Shop around and find a lender that is more willing to work with your situation.
- Shop around and make sure the lender you choose has a branch close to where you live.
Check with your bank for rates before you ask for them
Now that you have a better idea of what is out there and what the risks are associated with each option, it’s time to start shopping around., start comparing rates and talking to lenders about the different options, it’s important to shop around and find a lender that is more willing to work with your situation.
Before you even contact any lenders, you should look at what your current bank is offering, keep in mind that there are frequently better deals out there that are just sitting on the table, and if there is something a better deal is available, so if you are still unsure about what mortgage to get, you can always contact your bank and see if they have any rates that are currently available- this will help you find a better rate before you have to go through the hassle of applying for a mortgage.