When buying a house in Boisbriand, the vast majority of buyers will resort to real estate financing.
That’s quite normal, after all, who can afford a house worth several hundred thousand dollars in cash?
On the other hand, like all types of loans, the mortgage runs at interest, and if you want to save, you must speak with a professional.
Probably the biggest debt you will incur in your life is a mortgage. You cannot leave anything to chance, and taking the time to speak with a broker could really save you a fortune in the long term in Boisbriand!
You can fill out our free form if you wish to speak with one of our partner mortgage brokers in Boisbriand!
What is the role of a mortgage broker in Boisbriand?
What is a mortgage broker and what is it used for?
In fact, mortgage brokers are professionals who act as intermediaries between banks and individuals. They are experts in real estate financing. Their role comes down to:
- Assess your mortgage needs
- Explain the products and choices available to you
- Compare market rates and loans
- Take care of getting the mortgage you have chosen
The big advantage of brokers is that they allow you to compare offers from several banks quickly and free of charge.
This way, you are sure to take advantage of the most advantageous offer.
How can a broker help you save big on your mortgage?
The brokers are full of resources and knowledge. Moreover, they offer their services FREE to buyers and owners of real estate. They receive their compensation in the form of a commission when signing a mortgage, regardless of which financial institution it was signed with.
In particular, a mortgage broker can help you save by:
- Making you choose the right product for your needs
- Allowing you to compare the rates and products of several banks
- Giving you a long-term perspective on your loan to pay as little interest as possible
- And more !
It is often enough to have the right advice to determine strategy # 1 to save on your mortgage.
How much does the services of a mortgage broker in Boisbriand cost?
We told you about it above, the services are FREE.
In fact, mortgage brokers can offer you products from a multitude of banks and lending institutions.
Here are some examples of mortgage lenders found in Boisbriand:
- Desjardins
- National Bank
- Manulife
- CIBC
- HSBC
- Banque Scotia
- Royal Bank
- And more !
After comparing the rates and products with the broker, no matter which bank you choose, they will receive a commission. So, it is for this reason that its services are free.
Mortgage rate: should you take a fixed rate or a variable rate?
What is the most advantageous between a fixed rate and a variable rate in Boisbriand? This is the question that has been debated for decades …
In fact, if we look at the history of rates in Canada, if you still opt for a variable rate, rain or shine, in the long term you will be a winner versus a fixed rate.
However, the fixed rate is more popular because it offers security of monthly payment that does not vary.
To summarize how each type of rate works:
- Fixed rate: it is determined at the start of the term and will not change for the entire term of the mortgage, ie 1 year, 3 years, 5 years or more depending on what you have chosen.
- Floating rate: this varies according to the evolution of the Bank of Canada’s key rate. So your monthly payments may vary if economic influences affect your mortgage rate.
It’s up to you to see which type of rate is right for you by speaking with a mortgage broker in Boisbriand.
Mortgage renewal and home sale: opt for an open loan!
Already a homeowner with a mortgage and renewal is just around the corner? Thinking about selling your home and don’t want to be stuck with your mortgage?
To avoid costly mortgage prepayment penalties on sale, you may want to take an open loan.
That being said, it is in the event that you want to sell within 1-2 years.
Why ? Because an open mortgage comes with a higher interest rate. On the other hand, if you sell, the excess interest paid for a few months is minimal compared to the penalty of several thousand dollars that you would have paid for prepayment with a closed loan.
Compare the mortgage rates of +20 banks in Boisbriand with the help of a broker!
Would you like to have access to the global portrait of the Boisbriand mortgage market to see the majority of offers and rates in effect?
By consulting a mortgage broker, you will be able to see the rates of +20 financial institutions in Boisbriand and simultaneously compare the offers to find the # 1 mortgage that is the most advantageous for you!
So you are not at the mercy of a single bank, you have the big end of the stick and you can really quickly find the cheapest deal for you. Not bad is not it ?
Just speak with a mortgage broker to make it happen!
Fill out our form to speak for free with a partner mortgage broker in Boisbriand
Want to save on your mortgage while simplifying your financing procedures in Boisbriand?
Fill out our free form to quickly speak with one of our partner mortgage brokers in Boisbriand.
We have a network of experienced partners in the region, and we can put you in touch with one of them at no cost!
You no longer have to shop around for real estate financing on your own. There are professionals who can do it for you!
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