If I am not mistaken, you’re the kind of person who is not fooled by false advertising. When something is too good to be true…it’s over for you. This is my promise to you; I will get you the best interest rate for your situation and promote you till the final whistle and the win. Now check this out.
What Affects My Rate At Refinance?
So you are approaching the maturity of your mortgage or you feel there is a reason to look into making a change to your existing one. There are a number of areas that will affect your chances at securing best rates.
1._Credit Score – This is the most commonly understood element to securing the best interest rates. If you have a credit score of 680 or above you will typically have access to the best interest rates available.
2. Debt Service Ratios – Don’t let this term scare you. All this means is the percentage of your income that can be used towards the mortgage payment. If your income situation has changed since securing the mortgage this is a good area to revisit to ensure you are still able to qualify for best rates.
3. Loan To Value – This means the amount you owe on your home divided into the value of your home. This needs to stay below 80% to access best rates.
Quick example: Your home is worth 550K and you took out a 1st mortgage of 400K. The balance owing today is 375K however you also borrowed a 2nd mortgage of 65K and the balance owing today is 60K. (375 + 60 = 435 / 550 = 79%). You would still be eligible for best rates at 79% loan to value.
Find out more about all of the things you need to know about your Mortgage Refinance.
Refinance Rate False Advertising
Now we need to be made aware that interest rates for refinancing are different than for purchasing a home. There is also an often overlooked discussion point regarding if you have pre-existing CMHC insurance that is taking the risk off of your bank and putting it on the insurer…providing access to lower rates than otherwise.
It also needs to be said that there are rate websites and Mortgage Brokers out there that use false advertising to get you to call them knowing full well you won’t qualify for their best advertised rate. Don’t be fooled!
These advertising tactics usually lead to other questionable behaviour. My clients have shared with me that they will tell you what you want to hear, but often can’t deliver on it. They’ll flatter you…but they won’t promote you.
How To Secure Your Best Rate At Refinance
I want to share with you the antidote to the world of slick promises. There is real world value to finding a committed and honest Mortgage Broker that will advocate and promote you. I want to introduce you to my ‘Show Me The Money’ maker. It is the culmination of the following three elements:
1.cIndustry Technology – Leveraging the latest in tech regarding all possible lenders that will also filter by their latest lending policies – we cut through the false rate promises and get you your best rate quickly.
2. Industry Relationships – Being a full time Mortgage Broker for the last 12 years, I have developed long standing and trusting relationships with the decision makers in the business. This translates to having an advocate on your side at the negotiating table that gets exceptions to the rules.
3. Interest Rate Promotions – Timing is everything in this business. Lenders have their own business goals and often there are short term and unpublished interest rate promotions available that I have access to, to save you even more on your best interest rate on a Mortgage Refinance.
Mortgage Refinance Win
So let’s avoid the false flattery and the ‘too good to be true’ offers that abound on the internet. But we also can’t be so concerned that we miss out on the real deal when we find it.
I think of how we connected and through our efforts together you were diligently promoted and by the results you became celebrated in the eyes of your loved ones. Securing your best interest rate on your refinance and winning the day. It begins by calling me today.