When shopping for a mortgage , everyone auomatically thinks about rate and not what their current circumstances are that will determine rate. Everyone has had a family member or neighbour who "got a better rate" but did you know their financial situation at the time they got that rate? Rates are determined by credit history, what product you need, what product you qualify for and your current job situation. You also pay for prepayment priviledges, rate hold, amortization and more in your rate. Many consumers are not aware of that. All mortgages are not the same. Maybe your family member got a "bare bones " mortgage but you want one that's fully loaded , so of course your rate will be higher.
Service should also play a big role in determining who you are going to deal with as well. Are there any value added services included? For example: is the fact that you always get a return phone call within a few hours from the same person and answers to your questions immediately important to you? Is that fact that you receive a 1 year free home warranty worth paying for especially if it works out to only a $2 per month difference in payment? Often this is what people leave on the table by constantly searching for the better rate.
You work hard for your money and I am not suggesting that you give it away but make sure you have the whole picture before going for that lower rate.Get a personal consultation from a credible Broker so you get "THE RIGHT MORTGAGE" for you.
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