Purchasing a home is the ultimate dream for every family. Buying a home for the first time or even for the second or third time is always a challenging task for any potential homeowner. For one, the range of choices could present a tempting array which can make you decide on the spot especially when it is within the reach of your budget. However, before you take the final plunge, here are a few handy guidelines to make your purchasing a house decision easier and trouble-free.
The start of any new year presents bright real estate prospects, more so in 2016. Real estate laws in Montreal have made it easier for potential home buyers to acquire their dream house. Banks are amenable to finance real estate loans when your financial prospects are looking good. However, the idea of a loan in the hundreds of thousands of dollars can be an overwhelming experience. You might want to think not only once, twice, but even a lot more times before you commit. Getting the services of a good and experienced Montreal mortgage Brokers is the prudent choice.
Do you really need to get the services of Mortgage Brokers?
When you are in the process of acquiring a home in Montreal, the mortgage brokers in the area can offer you not only the best loan rates, even better than what banks can give, but also personalized services that can assist you in the most intimidating process of home buying. The assistance can range from giving you the best mortgage product within your budget range, affordable monthly rates to a faster way of paying off the mortgage.
Montreal Mortgage Scenario for 2016
In 2015, five major banks in Canada including the Bank of Montreal lowered their fixed mortgage rates for a five-year plan from 2.99% to 2.79%. This move has made housing loans more affordable to typical families yearning to acquire their own home. It was also seen by the banks to up the ante in consumer loans which have been on a slow drive even with the rise of the net worth of Canadians.
Fixed-rate five-year mortgage loans have always been a traditional and popular option for the consumers of Canada because of its cost certainty package. The five banks’ competitive lowered rates make it more affordable for Canadian consumers to buy their home at a pay-back price within their budget range.
Refinance Mortgage Services in Montreal
Refinancing means getting a new mortgage to replace an old one which some people choose to get better mortgage terms or a means to save more money. Borrowers who have a good credit standing benefit most from refinancing because of its fixed interest rate replacing the old mortgage which a had variable interest. This is not to say that consumers having poor credit standing cannot avail of refinancing.
A good and experienced Montreal Broker can still arrange refinance mortgage services which can give you maximum benefits such as lowered monthly repayment rates, prevention of balloon payments, and doing away with PMI or private mortgage insurance.