Ottawa Mortgage Rates
Find & compare the best mortgage rates in Ottawa. You’ll find a list of Ottawa mortgage brokers and a mortgage calculator for Canada that you are welcome to use.
Mortgage rates in Ottawa are competitive just like any other geographic area, banks and lenders vary their rates depending on how much of the market share they want. Ottawa mortgage rates are no different. It is important to understand that the slightest difference in the mortgage rate translates into thousands of dollars, you can either save thousands of dollars or waste thousands of dollars. You get to decide! Here’s what I mean. (See Mortgage TIPS & ERRORS)
If you are qualified buyer there are tons of lenders that are lining up to lend you that money. You do not have to go begging for the money, they are looking for people to lend money to that’s how they make money so remember you are the customer you are in control you get to negotiate and decide who it is that you want to borrow the money from and for how much. You must realize that the hosted mortgage rates that you see at banks are just simply that they’re posted rate that rate is negotiable and that’s where you get to decide how much interest you are going to pay or not pay.
Whether or not you’re going to put thousands of dollars in their pockets or keep thousands of dollars tends of thousands of dollars in your own pocket. What a difference a percentage makes! Here’s what I mean, just google any mortgage calculator pick the amount you want to borrow and fool around with different % rates. Here are some examples.
Let’s say you want a Borrow $250,000 at 5% over a 25 year amortization. The total cost of borrowing at 5% is about $186,303 that is the interest you would pay over 25 year. Boring $250,000 at 5%. Let’s say you borrow that same $25,000 over the same 25 year amortization that you were smart and negotiated a 4% interest rate, the cost of borrowing would be reduced to $144,577 over that same 25 year. A savings of a whopping $41,726 that you get to keep in your pocket instead of putting it in the lenders talk it! Does that make sense? You might say well I’m not the type of person who likes to negotiate, I’m a little bit intimidated when it comes to this kind of thing.
Let me ask you this if it were me that was looking for the mortgage rate and I told you you could keep of what every six you could save me what would you do? The answer is you go into that bank saved me $41,726 and keep half of it yourself so why not do it for yourself. While you’re there if you want to save another additional $19,000 tell them you want to pay it back in 22 years instead of 25. You just saved a total of $61,094 by simply negotiating 1% and three years off your amortization. Congratulations you are brilliant!
George Ferguson F.I.C Click to learn about mortgage calculators.
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