Displaying mortgage rates without proper explanation, can be very misleading. Most broker and bank rate sites list an array of their lowest mortgage rates, however unless you have the required qualifications that haven’t been listed, these rates might be meaningless and lead to disappointment by some.
Being quoted a mortgage interest rate today without being asked the proper questions, is much like asking a doctor who you are visiting for the first time to prescribe you a medication, without learning your symptoms, your medical history and perhaps taking a few tests. It just can’t be done.
Key information for determining your rate
- Credit scores of all applicants and credit history;
- Down payment or equity in the existing home;
- Purpose of mortgage (purchase, switch, refinance, etc.);
- Employment or self-employment details and ability to confirm income;
- Property location, home type, use and condition of property and zoning;
- Prepayment privileges, penalties, features and future flexibility;
- Size of mortgage and purchase price of home;
- When the funds are required; and
- Term of mortgage being requested, and fixed term vs. variable rate.
With this information in hand, an experienced mortgage broker can often quote you a rate, or range of rates that might be available to you, subject to satisfactorily confirming the above. At times, they may even have to make a few calls for special purpose loans, and get back to you with what has been learned
Nick Mitskopoulos was professional, trustworthy, efficient and proactive. His expertise as a broker was evident from the moment we met him. We had encountered 2 other brokers before but we decided to go with Nick because of his professionalism and sense of ethics. He was also patient and answered our numerous questions. We definitely recommend him as a mortgage broker. Keep up the good work Nick!
At no cost to you, we work on your behalf with your best interests in mind, until the mortgage transaction is closed and you are funded.
We asses your situation, advise on a mortgage product, find your best rate and provide you with options to customize your mortgage.
Nick was great to deal with. Professional, knowledgeable, polite and quick to answer any questions we had. Throughout the process from mortgage pre approval all the way through to closing day he stayed in touch making sure we had all the information necessary.
Would highly recommend Nick.
I have used Mortage For Less for all my mortgages since purchasing my first home nearly 15 years ago. From our first experience Nick has always been amazing at providing advice and negotiating great deals, and we have been a loyal customers ever since. Nick also jumped in quickly to help us work out a line of credit through our mortgage when we inquired a few years ago, and he provides interesting updates on the market. I plan on sticking with Nick for as long as I own a home.
We consider your financial needs and goals to provide a proficient service of strategic mortgage customization.
We provide advice before and after a mortgage. We're dedicated to answering and advising on all your mortgage inquiries.
What a pleasure it is to do business with Nick. I have used Nick as my mortgage broker several times now and wouldn't think of using anyone else. He is knowledgeable, professional and always timely on any questions or inquires I have. He makes you feel like you are a special customer through the entire process. Nick thanks again for all you expertise and making this a smooth transaction.
Much appreciated !