No-frills products (i.e. mortgages without pre-payment privileges and other perks)
Quick-close rates (rates that apply only if you’re closing in 30 days for example)
Jumbo rates (rates that apply only to mortgages over $250,000 to $500,000)
By contrast, a good mortgage broker always quotes rates that apply specifically to your wishes and your circumstances.
The information is not complete.
How can you tell from a rate page if a mortgage has good payment flexibility, pre-payment privileges, portability, assumability, readvancing credit, free home warranties, good conversion rates, favourable interest compounding, self-employed programs, or other important features? You can’t, but mortgage planners can tell you.
Mortgage planners also have unpublished rates that rarely make it to most major rate sites.
Once you find a rate, there’s no hand holding.
Unless you’re working with a mortgage planner, you have no one objective to:
advise you of better alternatives
handle all your paperwork
advise on how to properly structure an application to maximize chances for approval
give you advice throughout the process on qualifying, handling credit issues, paying down your mortgage quicker, preparing your documents for submission, etc.
advise on avoiding fees
give you the truth about a lender’s service quality and turnaround times
Low rates are great. Lower the better we say. But there’s more to the puzzle, and more to lose, if you put your trust in a rate page.
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