Getting the Best Rates with a Canberra Mortgage Broker

When it comes to purchasing a house, studies have shown that shopping around for the best mortgage rate available to you can actually help you save a lot of money.  In fact, buyers can save an average of $1,500 by getting just one extra quote, that number ballooning up to $3,000 for an extra five quotes.  Surprisingly though, most home buyers and other refinance candidates decide to skip the shopping around part.  In fact, almost 50 percent of these people are going to simply go with the first lender that they speak with. 

Being that you are a consumer, you should always make sure that you exercise the power that has been giving to you by new technology and regulations, ultimately making your shopping much easier.  If you don’t, you can pretty much ensure that you are leaving lots of extra mortgage money on the table.  Here is how you can get the very best mortgage rate with a mortgage broker.

Negotiate Your Rates

What most people trying to purchase a home are unaware of, is that fact that using a mortgage broker is going to benefit them in the long run, as they are going to try and negotiate the very best rate for you.  With that being said, negotiating the absolute best rate is not just going to be about haggling over a few percentage points, but rather a combination of knowing the lender and being able to prove the borrower’s credit worthiness at the same time.  This is exactly what is able to do for you, as they are going to have relationships with the lenders, ultimately getting you the absolute best mortgage rate that you can get. 

How to Negotiate Your Rates

When you are using a mortgage broker to get you the best rate possible, you may wonder exactly what they are doing to get that particular rate.  To answer that question, the main thing that your mortgage broker is going to do, is to shop you around to the different lenders that they have already built a relationship with.  When they do this, they are going to get you a unique rate quote from each and every lender that they go to.  When this does happen, you are going to want to be sure that you are comparing the interest rates, the closing costs, and the points that are included into these estimates.  This will allow you to see which lenders are actually going to be giving you the most competitive costs throughout the entire life of your mortgage life.

Just remember (and your mortgage broker is going to tell you this as well), the company that is offering you the best upfront mortgage rate is not always going to be the one that ends up being the ‘cheapest’ company, as there are going to be fees, points and even closing costs that are all going to be piled on upon the closing of your new home.