The new mortgage rules in 2016 and 2017 have made quoting mortgages rates more difficult.
Quite often I am asked, “What are the current mortgage rates”? With the current mortgage market today, after the introduction of the new mortgage rules, this is not an easy question to answer anymore.
There are many things to consider when it comes to mortgage rates:
- Are you enquiring on a fixed or variable mortgage?
- Is this a purchase, renewal or a refinance?
- If you are purchasing, how much is your down payment? Is it more or less than 20%?
- What is your credit score? With an excellent credit score, you will receive a rate discount.
- When is the closing date? Quick closings can have a rate discount.
- Is this a rental property or owner occupied property?
- What is the value of your current property in comparison to the amount of mortgage you may be requesting?
- What amortization are you looking for: 25 or 30 years? Most often there is a rate premium for the 30-year amortization.
- What is your mortgage term? A rate for a 2-year fixed mortgage is different than a 5-year fixed mortgage.
Once I know your answers to these questions, I can then give you some mortgage rate information.
Please be aware of mortgage rate marketing schemes. It would be my pleasure to help you navigate through todays mortgage market.
Give me a call! My consultation services are free.