4 Tips On How To Secure The Best Mortgage Rate - Greg Hamre - RE/MAX Affiliates Realty Brokerage

HOW TO GET THE BEST MORTGAGE RATE

4️⃣Four insider TIPS

We all know that interest rates are on the rise.

It's a headline, but there are simple ways to ensure that you get the most affordable rate and are locked in.

My name is Greg Hamre from RE/MAX Affiliates in Ottawa and the Hamre Real Estate Team.

Six months ago6️⃣, we said that interest rates could double❎2️⃣ and there were lots of people that said I was crazy.

Our outreach and our knowledge with the are studying with the economists in Canada and our weekly communication with some of the best mortgage brokers in Ottawa, gives us a real insight as to what is happening, always.

Mortgage rates have doubled as far as posted rates go but there are still some amazing deals out there.❗

We'll tell you how to get those today. You have to look at the facts and in Ottawa, the average price for a freehold home is $829,000. So $830,000 for a condominium.

It's $473,702 The posted rate today for a fixed mortgage is 4.49%. And that's expected to go up.

We're seeing up to 4.79% with some of the banks already with a 25-year mortgage and 20% down, you're looking at $3,684 a month, principal and interest.

We can still get you a variable rate and a variable rate that is very attractive, and you can still grab this today at 2.1% or 2.2%, depending on who you're talking to. 

The secret is you're going a variable insured. So you're only putting less than 20% down. You're going with a 10% down over 25 years.

That's $3,200 a month. It's almost $500 a month, less.

↘️A lower deposit, ↘️lower down payment condominium, same story. $473,702 - 4.49% over 25 years or $2104 per month.

If you go with %2.2, one with a variable, a variable insured. That's the secret 25 years, 10% down. You're less than $2,000 a month. You're $1827.

The secret is you need to connect with a mortgage broker.⚠️

Don't just walk into a bank and say, 'I want to talk to someone at the counter.'

Reach out to us. We'll connect you with the right mortgage broker. You need a specialist and we know the best.

Secondly, lock in your rate for 120 days. If the rate came down,⬇️ we can get you a lower rate between that 120 days.⤵️

The 120 days allow you a 60 to 90-day shopping period. 

Then, depending on where you are at, another ➕60 to 30-day closing.

So, you have to close within 120 days. And you'll see a lot of buyers are really scrambling to get that right now, because, at 2.1% in a condo or freehold, you're very attractive and those rates.

I skip ahead, that's my number four. 

Number four would be locked into a variable over a fixed rate now.

And then my number three-point was the stress test. 

The stress test with a lower↘️ with variable mortgage rate will get you a lower rate. ↘️

So, if you're going with the stress test and you're under 20%, go with a variable because you'll get a lower stress test amount and that'll save you a lot of money as well, and allow you to get into your home purchase.

Economists are saying that Ottawa will not see 25% increases anymore. ❎ Like we've seen in the last two years in a row, but we are expected to see 5% to 6% growth per year for the next four years out. ⏳

So, is this the top? Is this the peak of the market? 

Well, it's the peak of the market for June 1st, but if you get in now, and you're looking at ↗️a 5% increase in the next year and another 5%.

All of a sudden four years go by and you see there's another 20% increase. 

Buyers want to get ahead of this market.

You want to get ahead of the interest rate, buy a home, get in with a mortgage payment that's comfortable for you.

❗⏱Now's the time to do it. ⏱❗

Sellers, you want to be on the market now because affordability is an issue.

More people can afford your home today. Rather than being able to afford your home when the mortgage rates go up again.

Again, we're expecting that next, later this week. 

If you have any questions on mortgage rates. On how to connect with the best mortgage rep,☎️ and on what the secrets to getting the best rates outside of what I've already told you, please reach out to us.

We're here to help you.

My name is Greg Hamre from RE/MAX Affiliates in Ottawa and the Hamre Real Estate Team. 

We hope to see you soon. Take care.