Mortgage Rates - How to Find the Best Mortgage For You

Mortgage Rates - How to Find the Best Mortgage For You

From Mathew Philip

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Finding the best mortgage rates calgary is a challenge. Calgary is very difficult to search for mortgages and the people who do so end up paying too much. Many websites on the internet fail to show the real amortization and ARM ratio of a property and thus fail to provide the most accurate information. One has to be very smart when looking for the best mortgage rates and make sure to use words like amortization, fixed rate, adjustable rate and interest only when referring to a mortgage source in Calgary.

Mortgage rates are determined at the Statistics Canada office in Ottawa. The last time I looked at this they indicated that this is the third most important statistic for anyone wanting to buy a home in Canada. However this does not mean that one should not take time to check it yourself, one can get all the required information from the internet. Checking the Statistics Canada website will give you the latest five-year fixed mortgage rates in Calgary and also the current five-year amortization and ARM ratio for properties in the city. You can easily compare this with the other cities and find out the difference between them.

When checking the website you have to use words such as fixed rate, variable rate, fixed amortization and short term. Also, the best mortgage rates in Calgary should be shown without the word 'commission'. This indicates that they are a broker and not a bank. A broker gets commission from the bank and thus helps the banks in getting low rates. When searching you can also use the words 'open date', 'closed date' and also'monthly payment'.

You can also check with the website for the new properties that are available with the same lender and use the keyword 'new property'. The mortgage calculators will help you to know what kind of payment you would have to make every month in case you choose to get a new mortgage. However, when getting a mortgage loan in Calgary it is advisable to go for one with a longer amortization period. The longer the amortization period; the lower your monthly amortization costs. Also, when your payment is spread over a longer time frame; it becomes easier for you to pay your monthly installments on time.

Other than comparing mortgage rates it is also necessary to consider other important factors before taking the final decision. For example, if you are planning to buy a property and if you want the lowest closing costs then you can go ahead and compare the different types of mortgages available in the market with the use of the term and month length calculators. Then you should compare the monthly payments of the different mortgages. This will help you to decide on the type of mortgage plan which will suit you the best.

In case you are looking for the best mortgage rates in Calgary then you need to understand that a pre-approved mortgage source always offers a lower rate of interest. However, you have to make sure that you go through the whole documentation properly before going for an approval. If you have all the documents ready then your application would be considered and you will be able to apply for a pre-approval to a lender who will give you a lower rate of interest.

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