Using mortgage rate aggregators wisely
Frequently Asked Questions
Straight answers to the questions we hear most.
A pre-qualification is a preliminary, non-binding assessment of what you might afford based on self-reported information. A pre-approval is a more in-depth process where the lender verifies your financial documents and performs a credit check, resulting in a conditional commitment for a specific loan amount. A pre-approval carries much more weight when making an offer on a home.
A Mortgage Aggregator is a company that provides back-office support, licensing, and accreditation services to a network of individual Mortgage Brokers or smaller broking firms. Think of them as the “umbrella” organisation that brokers operate under. They do not deal directly with the public but are crucial to the broker ecosystem.
When inflation rises, central banks often raise interest rates to combat it. If you have a fixed-rate mortgage, your rate and payment are locked in and will not increase, even if new mortgage rates soar. You are effectively shielded from the impact of rising interest rates in the broader economy.
If there is a significant change in your application—such as a change in the loan amount, a different property, or you decide on a different loan product—the lender may need to issue a revised Loan Estimate. This new form will reflect the updated terms and costs.
The standardized format of the Loan Estimate is designed specifically for comparison shopping. You should collect Loan Estimates from multiple lenders and compare them side-by-side, focusing on the interest rate, Annual Percentage Rate (APR), total closing costs, and the estimated monthly payment to find the best overall deal.
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