What do you think of the rates in 2022?
To be quite honest. I saw it coming. We have been in a low rate environment in Canada for about 5 years. In 2018, B-Lending started introducing its solution to a market where everyone got approved with Triple-A low rates. I think the rates are high and more customers will need this B-Lending solution now more than ever.
Where do you think the rates will go?
It’s anybody’s guess. One thing is for sure they are going up. It’s time like these we need a Broker’s advice, to make sure that our clients are making the best decision. Often it’s a question of what mortgage path fits your situation the best. You may see articles like this.
When do you think it’s best to review your mortgage?
I would say every 12 months. So many things are going on when you are in the process of getting a mortgage. A lot of details are forgotten at that time. Let’s be honest it’s verbose. So many words, and directions to follow. Fortunately, this feeling cools off in time, and if you are questioning anything give your broker a call and go over your details. If you can’t get ahold of your original broker give us a call. We can help. If you haven’t reviewed your options come on in.
Why should customers go to Mortgage Suite to review their mortgage?
Hands down the knowledge. We have many Mortgage Brokers and Agents. Indeed, a large team full of knowledge. In our line of work, many minds make light work, giving more time to communicate and help clients. In our lending world there are many lenders. We have access to over 121 and their rules change constantly. A team helps obtain the largest discounts and the most options while keeping track of ongoing changes. When we review your mortgage we’re either going to a) save you money and give you advice, or b) just give you advice for the future path of your mortgage. It’s what Mortgage Suite does. It’s who we are.
Who has the best rate at the moment?
That’s a funny question, because there are so many borrower types. Meaning different rates for different qualifying details (how a customer obtains an approval). The less information given on a file the riskier the mortgage is to give out, thus a higher interest rate is attached. The better the credit, your capacity to pay the loan evidently the better your rate can be. Best rates, or insured rates come with an insurance premium on purchases. Refinance rates are high. The variable rate is an option more than ever due to its lower premium than a 5 year fixed. Overall our belief and livelihood is to obtain our customers the lowest rate possible. We will do our best to try an A Lender, then have plan b, c and d. When it comes to a Mortgage always have a back up.
How do you think rates will impact your customers?
I think a lot of clients are going to be paying higher mortgage payments in the near future. Its about giving options that help them during this time of rate increases. Furthermore, rate increases have always happened and always will. It matters how our customers get educated and know what type of products to pick. Having a look into the future to see when they will renew and looking at overall best payment scenarios.
Duncan Wilson is a Mortgage Broker. He has been in the mortgage industry for more than 20 years. He started at the Bank and took his knowledge to the Broker world. He runs a team of agents at Mortgage Suite.
