As Canada’s Number One-Rated Mortgage Lender, Radius Financial aims to be your answer for all of your mortgage broker questions and lending needs. Our team works diligently to ensure your success, and we do this in several ways. We offer innovative mortgage lending products, common-sense underwriting, our Radius Broker Portal for real-time mortgage updates and tracking, and industry-leading mortgage rates. Below, we’ll go over some tips on how to compare mortgage rates. Get in touch with our team today!
A Mortgage Calculator is Your Friend
Many potential home buyers will come to you as a mortgage broker with no idea what mortgage they qualify for. Many will have a set rate in mind, too, based on what they have heard on the news. A good way to begin to compare mortgage rates for home buyers is to understand how much the potential home buyer qualifies for. A mortgage calculator will help you determine that, as it takes into account potential home buyers’ home price, down payment amount, type of loans (fixed or variable-interest rates), property taxes, and more.
Consider Type of Home Loan
The type of home loan that the potential home buyers qualify for will determine mortgage rates, too. There are a lot of factors that go into mortgage types, such as first-time home buyer, seniors, or veteran-status. Your employment history matters, as well as your debt-to-income ratio. Consider the type of home loan for your potential buyer when comparing mortgage rates.
Consider Term of Mortgage
The term of the mortgage may affect the interest rate, too. For example, some mortgage lenders will give discounts if you choose a lesser-term mortgage over a more traditional, 30-year mortgage. This can be great for those looking to pay off their mortgage sooner. Mortgage lenders all offer different interest rates on mortgages, too, which is why it pays to shop around. Here at Radius Financial, we offer our mortgage brokers access to the best rates for their clients. See how we can help your career today.
Prime Mortgages Versus Subprime Mortgages
Subprime mortgages are for borrowers who have less-than-stellar credit scores, which usually means somewhere in the 580-559 range. Because these borrowers are at a higher risk of default due to their poor credit than those with higher credit scores, the rates on their mortgages tend to be higher. That being said, not all subprime mortgages are the best, so working with a top-rated mortgage lender that has access to the best interest rates, such as Radius Financial, can both help homeowners and help mortgage brokers, too. Join our mortgage broker network today.
Adjustable Rates Versus Fixed Rates
Home mortgages come in adjustable rate and fixed-rate types. Fixed-rate mortgages don’t change their interest rates for the life of the loan, while adjustable-rate mortgages have an interest rate that does change over the life of a mortgage. Adjustable interest rate mortgages tend to have a lower starting interest rate than fixed interest rate mortgages since there is more risk involved for the borrower if interest rates rise. That being said, as a mortgage broker partnered with Radius Financial, Canada’s Number-One Rated Mortgage Broker, we offer the lowest five- and three-year adjustable rate mortgages around, so you can offer your customers the best mortgage rates they’ll love. Join our network today.
PARTNER WITH CANADA’S NUMBER ONE RATED MORTGAGE LENDER TODAY
Radius Financial is the mortgage brokers’ lender of choice in Canada. We have crafted our mortgage lending solely around your needs. We understand that time is of the essence, especially in a time of rising interest rates. You want to be able to finance your customers as quickly as possible before interest rates change. We offer real-time application tracking on our Radius Broker Portal, so you can easily track the status of your clients’ deals. You will easily be able to see which documents have been submitted and if any are missing. Plus, you’ll be able to view your commission report easily. Our mission is to help empower you in your mortgage lending by having access to the best mortgage rates in Canada. Our dedicated credit and underwriting managers are here to answer your questions and get you the answers you need for your mortgage lending needs. We’ve enhanced the end-to-end broker experience, so you can offer the best customer experience to your customers — and in the end, make dreams come true.
If you are interested in partnering with us, join today!