What is current RBC prime rate?

What is current RBC prime rate?

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So you have finally made up for buying your dream house and now looking for a rbc mortgage rates broker? But how would you find the right borrower who offers not only appealing deals but also exceptional customer care services for a thing which will be the biggest purchase you have made up till now?

On starting your search, you'll come across so many online lenders, mortgage brokers, banks, and many other marketers who are eagerly waiting to get your application. So to choose the one that's perfect for you, you first need to know about these lenders and the pros of dealing with them.

Direct lenders

Credit unions, banks, online entities, and similar organizations that directly provide house loan deals to their clients are direct lenders. The main reason why people go towards direct lenders significantly is the easy flow of procedures. In other words, all the mortgage processes from applying the processing and allotment are managed in-house. The risk associated with getting your home loans from such direct lenders is that their terms and rates vary dramatically from each other. You might find a home loan deal suitable for you due to having a low repayment plan, but you will find it more expensive than the alternatives. In a nutshell, you have to collect information about different direct lenders and might have to face the surprise expenditures afterward.

Brokers of mortgage companies

These professionals of the Canada mortgage company are not the ones who lend the loans to you directly. Instead, these professionals act as a bridge between you and the most suitable lender. We can also call them a matchmaker. Some brokers work independently and charge their fees either from the lender side or from the borrower. Their fee, in this case, is a part of the deal, and they get about one to two percent of the total loan amount. Besides connecting the best lender with the most compatible borrowers, brokers have no other role in dealing like setting the interest rates, making lending decisions, formulating repayment schedules, or setting loan organization costs.

Wholesale lenders

These lenders don't offer their loan product directly to the clients in the open market; instead, they get the services of brokers of a mortgage company in Canada to market their loan program on their behalf. The brokers, in turn, find a good match for them. Moreover, they guide the borrowers regarding applying for a loan and how to approve their mortgage applications for further processing.

Besides these lenders, hard money investors are pretty popular in the market who offer heavy loans despite your lower financial credibility. However, the borrowers have to repay about 10% higher costs and the original loan amount, and they have to do so in a short timeframe.

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