The Lowest Rate is Not Always the Cheapest Mortgage

Wasting too much time shopping the banks?

A key part of the ongoing service we provide at Dreyer Group is continually monitoring your mortgage rates and calling when we see an opportunity for you to save money. We do this throughout the life of your mortgage no matter what lender we place you with.

Banks however do not provide this service and only lower a mortgage rate is a client contacts them and insists they do so. Many times, they don’t lower that rate at all.

Our clients as so grateful for this service we provide that even on the rare occasion when a bank is willing offer a better deal, the clients more than not choses to stay with us.

Do it right the first time. 10 Questions to ask your bank when looking for a mortgage.

  1. Before my property closes, do you watch my rate every day and lock in a better rate for me if interest rates drop? Who does this?
  2. Do you only offer mortgage products from your bank or can you shop other banks to get me the best mortgage at the lowest rate?
  3. If mortgage rates go down in the middle of my term, do you notify me so I can refinance to save money? If so, who monitors this?
  4. If I take a variable rate mortgage, who monitors my rate and lets me know when to lock in if rates go up?
  5. If I take a fixed rate on my mortgage, who watches and lets me know if rates go down?
  6. What is your banks penalty policy if I want to pay off my mortgage or move my mortgage to another product?
  7. If I decide to sell and move to a more expensive home, will I be able to take my existing mortgage with me without paying a penalty, or will I get a discount on the new money borrowed?
  8. Do you offer life insurance on my mortgage? If so, what is the cost?
  9. When my mortgage is up for renewal, will your bank shop the market to ensure I am getting the lowest renewal rate in the market?
  10. How do you get paid on my mortgage? On the rate you get me or the amount of the mortgage?

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