Purchasing a home for the first time, selling up and getting a new home or refinancing can be an uncertain prospect for many people looking for a new mortgage. But lets make sure you stay focused on the goal, which could be a means to your dream of becoming a new homeowner, getting out from under financial burden, or being released from bad mortgage rates. In essence, if you have done your due diligence and calculated whether you can afford a home or get a bigger home to better suit your family, this should be an exciting prospect. Don't get me wrong, getting a mortgage is a huge financial commitment, but for this reason, you can’t afford to make a bad decision. Whether you are taking a mortgage for the first time, moving home or remortgaging, the wide range of mortgage products available in Canada can be overwhelming.
The problem faced by borrowers is you just don't know where to start or how to make this an easy process with a successful outcome, but the how is the answer. We agree that you as a a consumer should be knowledge and savvy, but that does not mean you fly by the seat of your pants, it means you should seek the services of a mortgage professional. There is a lot of freedom when you do you homework to find the best professional and trust it to leave it in their hands to give you the best mortgage product available. If you are having problems with your car, you don't want to start reading manuals or taking courses to fix it yourself, you spend time to find out how to get the best auto mechanic to service your car. How do you do this, you start by doing a bit of research to find a mechanic, get referrals from friends/co-workers or family and check references and do some price comparisons. If you settle to just go to the nearest auto mechanic, even if it is a large company, it can be a hit or miss. The same can apply to getting a mortgage, you will want to research the professionals who specialize in mortgages, are qualified and have made it their profession out of finding consumers best mortgage rates and products. When researching your broker, using a rate comparison website, such as Comparemyrates.ca, is an excellent strategy as a beginning, but you also need advice or lender feedback to find the ideal mortgage at the absolute lowest possible rate.
Now the question is whether to go to a bank or a mortgage broker (or brokerage). First of all, there are many borrowers in Canada who have been successful in getting a mortgage product from a bank, but there is more ease and comfort from getting mortgage advice from a qualified mortgage broker with access to mortgage products from top lenders (including banks). We like banks, and so do mortgage brokers; qualified mortgage brokers have access to many bank rates and products along with mortgage products from other lending institutions. You as a consumer will only have access to offers from the banks range of mortgage products, a broker has many banks. A mortgage broker will offer you a variety of mortgage products to choose from and have many hands working to find you the best mortgage rates Canada. If you are a first time home buyer and not much of a credit history, new to Canada or self employed, you may have a difficult time getting a mortgage from a bank. A mortgage broker has advice and products that will help you be successful in obtaining a mortgage.
Here are just a few tips on getting a great mortgage:
- Find out if you can afford a mortgage or upgrade to a new home. (Check out our Mortgage Calculators)
- Save for a good down payment and ensure your credit is good so you are eligible for lower mortgage rates.
- Become knowledgeable about mortgage rates and products offered
- Get some advice from people who have successfully obtained a great mortgage
- Research Mortgage Brokers and ensure they are knowledgeable and have access to many reputable lenders.
- After you done your homework and found the best mortgage broker, relax and trust them do the work.
Check out some great mortgage rates at Comparemyrates.ca and find local mortgage brokers Canada.