Comparison online shopping is changing how we buy items, be it that new television set or even when it comes to selecting mortgage. That said, a group of mortgage lenders have taken not of the current trend and are becoming more and more creative so as for them to stay ahead in the game.
According to Steve Pipkey, Spin Mortgage co-founder, “Lenders are stripping away features of mortgages to get their rates lower.”
Over the years, consumers have always been interested in scoring mortgage rates that are low and now that they can be able to compare mortgage rates by simply using their phones, tablets or even computers, they are able to determine which mortgage rate is best for them faster and quickly.
“The majority of our phone calls are about rates these days, whereas before it might have been more about, ‘How can I get my money out fast?’ or ‘What’s the quickest way to refinance my home?’” says Bob Aggarwal, who is the president of Canadalend.com.
According to the brokers, a push to have lower rates is not bad, but there is confusion which are brought about by it. Despite the fact that mortgage contracts used to be fairly standardized, many of them nowadays tend to contain a number of conditions as well as clauses and this has led some consumers finding it hard to differentiate between the available products that are in offer.
“If you’re online trying to figure out what the rates are and why, good luck to you,” says Pipkey adding that, “Some banks and brokers are better at disclosing the fine print than others.”