Mortgage Rates

Home mortgage loan rates

Home mortgage loan rates fluctuate. As the economy of the country changes the rate of interest changes. The main factor that affects the mortgage rates or any kind of debt or credit ratio in the financial world is the prime lending rate from BANK OF CANADA. Governor of Bank of Canada and the Finance Minister keep a close watch on the economic situations of the country and as per the situation of the country’s economy these rates keep tweaking every quarter of the year. But currently because of the global recession in 2008 and the drop in the US housing market, home loan rates are at record low and this is the best time for any family or person looking to buy a home or want to make a change or upgrade or downgrade. They can get the best interest rates as per the market condition but believe me these rates are subjected to change any time and there may be many conditions that affect any individual to get the best home loan rates of interest.

Home Loan Lenders

Like banks there are many other home loan lenders in the market. People often go to banks for their mortgage because they are not aware of these lenders and people think it is easier to walk to their local bank and get the mortgage but they are not aware that they are not getting the right product from the bank because if your credit is low bank will not give you the best rates if you have deposits in your account or have good financial standing bank will seek to make money from you. A common man is at loss in both situations because he is not aware of other lenders who can lend the money to buy the house and that too at a very low interest rates. Also with very minimal or right conditions where as bank will not do that banks never give you the best product suited for your best but will sell you what’s best for them. It is a saying that “needier pays more” because for bank it is you who is in need and have walked to them for fulfilling their need. But if you look at the equation the other way Banks also need to lend the money its their need to make money. This is the major difference that Mortgage agents should come in place because mortgage agents understands that lenders need to lend the money to make interest so mortgage agents uses their need to get you the best interest rates and the best mortgage as per your situation and affordability. Remember Mortgage Agents work for you not for lenders.