Invis - The Siemens Group Highlight 4 Questions Homebuyers Must Consider to Ensure They Get the Best Mortgage Rates
 July 15 2016     Posted by Siemens Group

When applying through their lender for a mortgage, there is specific information that homebuyers can utilize to ensure the get the very best mortgage rates. But without knowledge of the marketplace, it’s difficult to access this information. In their latest article, the trusted mortgage rate experts at Invis – The Siemens Group highlight the four questions homebuyers must consider to ensure they get the best rates for their mortgage.

1. What Documents Must I Provide?

When applying for the loan, it’s incumbent upon the applicant to provide as much information as possible to support their application. Bank statements, recent tax returns, and pay stubs can all be used to support a mortgage application and the lender will use this information to ensure the applicant gets the best mortgage rates given their current financial position.

2. Is There a Prepayment Penalty?

When reducing the cost of their loans, the last thing homebuyers want to face is a prepayment penalty as they capitalize on their low rate to pay more down on their property. Some lenders place a prepayment penalty on a loan as a way to ensure they achieve full value for their loan service. It’s important for homebuyers to analyze the loan documentation and ensure they won’t face any penalties should they decide to pay down their loan more quickly.

3. Does the Mortgage Offer Portability?

While the current mortgage rate might allow the homebuyer to save money on their housing costs in the short-term, it’s important for owners to consider the long-term as well. In the future, the homeowner might have to move for work or family reasons and they may like the option of carrying their mortgage with them on a new home. When ensuring the best mortgage rates for a home, consider the portability factor offered by the lender.

4. What are the Combined Fees for the Mortgage?

There are a number of mortgage fees that are required for an effective mortgage administration process. Some companies might charge the best mortgage rates and then hide their high administration fees within the loan documents. This can often mean that Canadians are spending thousands of dollars more than then expected on their loans. To ensure an affordable mortgage, always ask for the combined fees associated with the mortgage administration process.

The best solution is to consult with the trusted market experts at Invis – The Siemens Group who strive to offer the best available rates for mortgages within the industry while considering the situation of the borrower. To learn more on the company and the rates they’re now offering to all homebuyers, call their office team today at 604-351-7438 or visit their business website at www.siemensgroup.ca.