When it comes to getting a mortgage for a home purchase, refinancing to consolidate debt or simply renewing your mortgage, most of us are interested in securing the best interest rate. You’ll often see websites such as rate hub, offer rates that beat just about anything you’ve been quoted by your bank or mortgage broker, but did you know that 4 out of 5 people do not qualify for the rate they saw advertised? That incredibly low interest rate you saw online, will likely come with a detailed list of restrictions.
Here are a few common mortgage scenarios and the percent you can expect to add onto that “best interest rate”.
The above figures are estimates and subject to change without notice E&O, O.A.C.