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Benefits of Shopping for a Mortgage Online

Finding the best and most affordable mortgage has always been a tedious task. Researching rates, comparing mortgages, and reviewing resources can take a great deal of time, effort, and expertise. Luckily, online mortgage brokers, like FamilyLending.ca, have made it their mission to alleviate these stresses and make mortgage shopping quicker and easier. Finding the best mortgagedeal is an important part of the home buying process – make the search easier by using the free online mortgage calculator and other resources offered by FamilyLending.ca.

Four reasons why shopping online for a mortgage makes sense

1) It's easy and convenient

Finding information on mortgage rates has never been easier, thanks to Online Mortgage Brokers. Online mortgage companies give home buyers unlimited access to important mortgage information, as well as the ability to comparison shop, and even complete the mortgage approval process, right from the comfort of their living room.

2) It helps protect your privacy

Shopping for a mortgage online helps protect a potential home buyer from receiving an unfair assessment based on their social status or community standing. Shopping via an online mortgage portal will ensure that you are offered a genuine rate, and not one that is based on an irrelevant factor.

3) It helps manage Interest Rate volatility

The mortgage market is highly volatile by nature. The rate you see today could be higher than yesterday's rates, and lower than tomorrows! Luckily, online mortgage brokershave tools and systems in place that make it easy for customers to manage market volatility and easily compare realtime rates.

4) It avoids low-balling

Mortgage low-ballers are lenders who trick customers by quoting them a mortgage rate that they have no intention of delivering. This happens when a mortgage lender locks a rate at the prevailing "market price" only to later up the price when it comes time to finalize the agreement. Online mortgage shoppers aren't vulnerable to price low-balling because they can easily check their price online on the lock date. See our Rates Today!

How to get the best mortgage online

There are a few things you'll need to know prior to successfully locating and applying for a great online mortgage rate. First, you'll need to educate yourself on the process of online mortgage shopping. Family Lending offers a comprehensive library of articles on various mortgages, refinancing, the home equity process, and much, much more. You will also find a free online mortgage calculator that will help you gain a better understanding of your financial situation. Take some time to review these resources prior to shopping online in order to ensure your comfortable with the mortgage approval process.

You'll also want to decide on the type of online mortgage you want – are you looking for a Fixed rate or Variable rate? Do you want to make biweekly payments or monthly payments? Knowing the answers to these questions will make your online mortgage shopping experience an enjoyable one.

You shouldn't need a degree in economics to understand an online mortgage application. Shopping online for a competitive mortgage rate is a great way to educate yourself on home financing, as well as ensure you receive the best possible mortgage. For more information on the online mortgages available from FamilyLending.ca, please contact one of our customer service representatives toll-free at 1-866-941-6678.

Latest Mortgage News

Taking a Closer Look at CMHC's 2011 Annual Report

May 16 2012

The Canada Mortgage and Housing Corporation marked its 65th anniversary last week with the release of their 2011 annual report. As the nation’s top mortgage insurer (the organization backs $567 billion in default mortgage insurance), the CMHC controls roughly three-quarters of the nation’s mortgage default insurance. Despite inching ever closer to the $600 billion dollar government-imposed limit, the CMHC’s reported that there’s still plenty of room to meet the nation’s core demand for mortgage insurance.

High Home Prices and Bidding Wars: What You Need to Know

May 10 2012

The price of a new home in Canada is on the rise, according to data released by Statistics Canada today. Market information from March shows that the price of a new home in Canada rose by 0.3% from the previous month, marking the 12 consecutive monthly increase. While relatively minimal, the jump was slightly greater than the 0.2% advance predicted by market experts.

Does Your Down Payment Stack Up?

May 07 2012

Think that a 5 percent down payment is enough to secure a great mortgage rate? Think again. Pulling together the minimum 5 percent down payment, while a good start, is just that – a start. If you’re a first time home buyer looking to move up the property ladder, don’t skimp on your down payment. If you’re having trouble pulling together the 5 percent minimum, you’re setting yourself up for a hard, long haul.