Navigating the mortgage process can be daunting, but with us on your side, you can relax knowing we’re here to keep your rate in check and your stress levels down.
Here’s how we ensure you get the best deal from preapproval to closing:
1. Preapproval Phase
Once you’re preapproved for a mortgage, our dedicated team keeps a vigilant eye on your file until you find your perfect home. Here’s what we do to make sure you’re covered:
- Rates Going Up: If mortgage rates increase or there’s buzz about potential hikes while you’re house hunting, we’ll hold your rate for 4 months (120 days). This way, you can focus on finding your dream home without worrying about rate jumps.
- Rates Holding or Moving Down: If rates are stable or dropping, we’ll stay on top of it, hoping for even better rates. Once you have an accepted offer, we’ll present you with the best rates available at that moment.
2. Post-Approval Monitoring
Our commitment doesn’t end with your approval:
- Rate Adjustments: We keep monitoring rates until your closing date. If rates go down after your approval, we’ll adjust your rate accordingly, which also means lower overall payments for you.
And yes, one of the best parts of our job is reaching out with the good news of a lower rate!
- Refinance or Renewal: The same goes for refinances or renewals. The rate we secure for you 120 days out is the highest rate you’ll face, but we stay actively engaged with your file and can offer a lower rate if conditions improve.
3. Rate Drops and Bank of Canada Meetings
- Rate Drops: While we can’t adjust your rate every time there’s a drop due to lender constraints, our long-standing relationships and experience mean we get advance notice (24-48 hours) when rates are expected to rise. This gives us the opportunity to lock in a lower rate if rates have dropped since your approval.
- Bank of Canada Meetings: Changes in rates from the Bank of Canada typically won’t affect you directly unless you have a variable or adjustable-rate mortgage. Fixed rates usually remain unchanged by these decisions.
4. In Summary
Our mission is to ensure you get the best mortgage rate throughout the entire process. From preapproval to closing, and even after, we’re here to manage rate fluctuations and ensure we make changes to anything that will benefit you.
Our goal is to provide a smooth, stress-free mortgage experience and, whenever possible, to share the exciting news of a lower rate and payment!
Feel free to reach out if you have any questions or need more details about your mortgage journey. We’re here to support you every step of the way!
