Chris Landry VERICO Paragon Mortgage Group

Chris Landry Verico Paragon Mortgage GroupAccording to a study conducted by the Bank of Canada, getting a discount on your mortgage may not be as difficult as it seems. The 2011 study found a number of ways to get the best rates.

Check Out These Tips For Scoring The Best Mortgage Rates – Chris Landry VERICO

  • Don’t be afraid to try to bargain. In most cases, banks in Vancouver will not offer you the best rate available at the off-set. Many people will accept the rate offered, and the lender profits handsomely. Others, however, negotiate a lower rate and save money.
  • Lenders make more off of larger mortgages, so they work to attract these borrowers. This can include offering deeper discounts and other incentives. Many banks will offer steeply discounted rates for the first term, knowing that most homeowners do not negotiate when it is time to renew.
  • Most prospective homeowners in Vancouver who use a mortgage broker save money. Brokers gather and compare many home loan quotes, and work with you to choose the best loan. Using a mortgage broker helped the borrowers in the study save an average of $1,670 in interest over five years. If you are looking for a broker to help with your mortgage search in Vancouver, Chris Landry of VERICO Paragon Mortgage Group can help you find the right loan.

If you have other business with the lender, you are more likely to receive a larger discount. If you are already making them money through non-mortgage products, then they know you are profitable and may be willing to offer you discounts. On the other hand, new clients who have the potential to move their other financial needs to the lender can also receive discounts.

Chris Landry ParagonPeople who can show they are financially capable and have high credit scores are usually offered better rates from the beginning. Discounts can also be negotiated, because there is little risk for the lender. Following the same concept, paying a larger down payment can also score you a rate discount. Those with a down payment of more than 85 per cent have, on average, a rate that is 12 basis points lower.

Smaller lenders tend to give better rates. It appears that the larger the market share of a bank, the higher its rates can be before customers choose to go somewhere else.

For more information on how to find the best mortgage in Vancouver for your needs, contact broker Chris Landry VERICO Paragon Mortgage Group today. You can read the full Bank of Canada study here: Discounting in Mortgage Markets.

Contact Chris Landry VERICO Paragon Mortgage Group

Chris Landry VERICO Paragon Mortgage Group
Senior Mortgage Advisor
Vancouver, BC, Canada
(604) 838-6725