Whether your mortgage is coming up for renewal or you're applying for a brand new mortgage, it's essential to know how to negotiate mortgage rates with Toronto-area lenders! We have a tremendous three-step process for you to follow to start!
Step 1: Review Your Current Mortgage Rate Offer
The first thing you must do is look at the mortgage rate your lender currently offers. You must know the rate and understand how long it's locked in for (e.g., five years) and if it allows for any prepayment options (for example, one lump sum payment a year).
Step 2: Shop Around!
Now you're ready to look around and see your options regarding other mortgage rates. You have several ways to do this:
Call lenders or check their rates online.
Visit websites that compare mortgage rates from different lenders.
Use a mortgage broker to shop around for the best Toronto rates.
When looking at rates, make sure you are comparing mortgages that are precisely the same.
Step 3: It's Negotiation Time
Now that you have all the information you need to negotiate your rate, it's time to set up a meeting with your lender. Ensure you have all the information you need to make a strong case and ask them if they can match the other rates available or are willing to negotiate in other areas, such as lowering fees associated with the mortgage.
Are you looking for a reasonable Toronto mortgage rate? We can help!
At Northwood Mortgage, we offer a variety of options when it comes to mortgage rates. We offer both fixed and variable-rate mortgages, and you can choose to have a term as short as one year and as long as ten!
You don't have to go it alone to find something that works for you. Whether you're looking to renegotiate an existing mortgage or apply for a new one, at Northwood Mortgage, our agents will work hard to find the best rate for you!
We can walk you through all the information you need to consider – from how much of a down payment you can afford to what your monthly payments will be at different mortgage rates.
Contact Us To Learn More About How We Can Help You With Toronto-Area Mortgage Rates
With mortgage rates and housing prices going up and down so frequently, it can be overwhelming to consider negotiating your mortgage rate. Yet you don't have to settle for the first rate offered to you – you have options! To learn more about the mortgage rates we can provide you with, call us at 888-257-8130 or contact us online.