The worst kinds of calls to get as a mortgage broker is when someone calls and asks for your best 5 year fixed rate. My answer typically is that it depends. Although I know what the rock bottom 5 year fixed rate is for that particular day, there is no guarantee that is what they will get.
You see after 30 seconds of being on the phone with someone I don’t know their credit, weather they are buying or refinancing, if the transaction would be high ratio or not and if they are self employed and require a stated income mortgage. All these things are required to determine what rate you will eventually receive.
Judging a mortgage by it’s rate is like shopping for a vehicle based solely on the horsepower. There is so much more to consider. This is why when working with a client I need all the documents upfront upon application so we can together find the best mortgage product that meets their needs.
The best rate comes with the best product that meets my clients particular needs at this particular time in their life. Sometimes is 12% , or 4.99% or even better 1.54%. Every situation is different so it’s best to get to know you so together we can find what works best.
I look forward to hearing from you in regards to your mortgage needs.
p.s.s- I should tell you that I am licensed in Nova Scotia, Ontario(M18001555) & in British Columbia(BCFSA #504098).