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Mortgage Rate Shoppers Falling for Interest Baits

When shopping around for mortgages it’s only natural to get fixated by the low interest rates certain lenders are offering. Many people will only compare mortgages based on the interest rate, but that’s not the only thing to consider. Some lenders are using the offer of a low interest rate as bait to hook your business. It’s all well and good shopping around for the best mortgage rate, just don’t ignore other factors.

Fees

Sometimes the Canadian interest rates on a particular mortgage deal might look very attractive, but it’s vital that you look at the whole package. There will almost always be an arrangement fee of some kind for a mortgage, and this is normally lent to you along with the money for the house. Remember to factor this fee in, as the fee could potentially make a cheap interest rate mortgage much more costly.

Service

Not all mortgage brokers are the same. Ideally you will want to find a mortgage lender who treats you like a person and listens to all your concerns. This is a serious decision to make, and one that you will have to think hard about.

Good Advice

When you are taking out a mortgage it is not something that you can rush into. You will want to be able to rely on the sound advice offered by your lender. Low interest rates can be used to lure customers in so that the mortgage sales people can earn more in commission. Choose to deal with a reputable Vancouver mortgage broker so that you can find the best deal. A good lender will discuss your requirements and make sure that you will be able to afford the monthly repayments along with your day to day commitments.

When shopping around for mortgages you really need to make sure that you compare more than just the interest rate. Make sure you look at the complete package so that you know you’re getting the best deal. Some low interest rate Vancouver mortgages can be a false economy and end up costing more than ones which might sound more expensive.