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Buying a home is usually the most important purchase of a lifetime. However, mortgage payments account for a considerable proportion of the budget, not to mention other housing-related expenses. In 2023, high inflation had a number of effects, including a meteoric rise in the key interest rate, and thus in mortgage rates. Finding the lowest possible mortgage rate, whether for a new purchase or a renewal, is critical to maintaining sound financial management.
To this end, nesto, a mortgage brokerage firm founded in 2018, helps you find the best mortgage rates on the market. The latter has revolutionized the mortgage industry in Canada with a fully digital mortgage application process and commission-free brokers. In this article, find out how nesto can help you find the best mortgage rate.
nesto is Canada’s first digital mortgage platform. It was founded in 2018 in Montreal, Quebec.
Their cutting-edge technology enables us to analyze the entire market in just a few moments and find the lowest mortgage rates for your situation. Despite a 100% digital process, nesto’s commission-free mortgage experts offer support and advice.
nesto mortgage professionals are licensed in all Canadian provinces.
The nesto mortgage platform helps you find the best mortgage rates, whether for a new mortgage, renewal or refinancing.
nesto has been doing business with several mortgage lenders, including banks and credit unions, in addition to offering their own mortgage products since 2022.
Depending on your situation, you can obtain and compare the best fixed and variable rates on the market, for several amortization periods.
What’s more, you can secure your rate for up to 150 days, protecting yourself against interest rate hikes. In fact, it’s the longest rate-lock period offered in Canada. Other lenders offer a rate guarantee generally ranging from 90 to 120 days.
However, there are requirements for obtaining a nesto mortgage with the lowest interest rates. For example, you need a credit score above 680 to have access to the best offers.
The nesto mortgage brokerage differs from other brokers on several levels.
First of all, nesto has partnerships with several mortgage lenders in addition to offering their own products. This is one of the reasons why nesto offers the lowest mortgage rate on the market right from the start.
Secondly, nesto mortgage professionals are salaried, unlike mortgage brokers who are traditionally paid on a commission basis. A portion of the commissions paid by the lender is returned to customers in the form of an additional rebate on rates.
You don’t need to take out additional products like mortgage insurance to get the best rate. In fact, nesto guarantees that its customers get the lowest rate for their situation, without negotiation (otherwise they get $500 with the low-rate guarantee).
Another advantage of nesto is that the mortgage application process is entirely digital. You speak with a mortgage broker at the very end, which saves a lot of time. Note that, if needed, you can get support and advice from mortgage experts throughout the process.
Finally, as mentioned above, nesto offers the longest rate lock period in Canada, at 150 days.
Whether you’re looking for pre-qualification or mortgage approval, nesto lets you complete your application online using their fully digital platform. Right from the start, you’ll get the lowest mortgage rates for your situation.
To begin your application, you must choose between a new mortgage, a mortgage renewal or a mortgage refinancing.
At the end of the process, you can speak with one of their commission-free brokers.
First, select the “New mortgage” option:
Then answer the seven questions on the form in less than a minute:
These questions include the type of property (house, condo, plex), the proposed purchase price and the amount of the downpayment.
Finally, you get the lowest rate on the market for a new mortgage based on your situation:
You can quickly modify information such as purchase price and down payment. What’s more, you can switch between fixed and variable rates.
If you have any questions about the products on offer or would like to discuss the options available, you can make an appointment with a nesto mortgage advisor.
Finally, if you want to go ahead with the offer, you can click on the “Continue” button and fill in the application form. You don’t need to talk to an advisor.
First, select the “Mortgage renewal” option:
These questions include the current value of the property, the mortgage balance, whether the mortgage is insured (CMHC, Genworth Canada …), etc.
Finally, you get the lowest rate on the market for a mortgage renewal based on your situation:
You can quickly modify information such as property value and mortgage balance.
What’s more, you can switch between fixed and variable rates.
If you would like to go ahead with this mortgage renewal offer, you can click on the “Continue” button and complete the application form.
First, select the “Mortgage refinancing” option:
Then answer the six questions on the form in less than a minute:
Finally, you get the lowest rate on the market for a refinancing based on your situation:
You can quickly modify information such as property value, mortgage balance and additional funds required.
If you would like to proceed with this mortgage refinancing offer, please click on the “Continue” button and complete the application form.
With nesto, you get the lowest rate on the market for your situation right from the start. You don’t need to negotiate or take out additional products like mortgage insurance to get the best rate.
If you wish, you can compare the rate you get at nesto with other banks or brokers.
If you find a better rate elsewhere for an equivalent mortgage product, nesto will match or beat that offer. However, if we can’t match or beat this offer, nesto will donate $500. It’s the nesto low rates guarantee.
In short, nesto helps you find the best mortgage rates on the market. To achieve this, nesto offers a fully digital mortgage application process and commission-free brokers. Their cutting-edge technology enables us to analyze the entire market in just a few moments and find the lowest mortgage rates for your situation. Whether for a new mortgage, renewal or refinancing.
Note that you don’t need to take out additional products like mortgage insurance to get the best rate. What’s more, nesto guarantees that its customers get the lowest rate for their situation, without negotiation.
Finally, you can secure your rate for up to 150 days (the longest rate lock period available in Canada).
Here are the answers to the most frequently asked questions about nesto.
Savings this way:
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