Competition = Low Mortgage Rates

Before Looking to Purchase Get Pre-Approved!

It is always a good idea to get pre-approved (or pre-qualified) for a mortgage before you decide to look at a new home.

A pre-approval will not only let you know if and for how much you are approved for, but also gives you better negotiating power and will to keep you within your budget.

Knowing that you are a serious buyer because you have already made that first important step, many home sellers will consider reducing a listed price to match your approved budget.

And by knowing how much your monthly payments are, you can then easily factor in additional cost like property taxes, utilities and insurance.

Another major advantage to pre-qualification is the rate hold. A rate hold means that you can secure an interest rate at today's current rates and keep these rates for up to 120 days or a full year on new construction. Even if interest rates drop during that time, you will still automatically qualify at the new lower rates. And, if the rates should ever go up, you would then get the secured rate.

What is a Mortgage Broker?

A Mortgage Broker is a registered agent who works on behalf of a borrower to obtain the best possible mortgage option for that borrower's financial situation. The Mortgage broker is a skilled negotiator and deals directly with the lenders in both standard and non standard borrowing situations. They have access to lenders who may not advertise nationally or be readily available to the consumer so finding the best possible mortgage option holds true.

Why deal with a Mortgage Broker?

Mortgage Broker represent you, the customer, not the lender. Because they are not employees of a lending institution, Brokers are not limited in the product they can offer you. Brokers seek out the best lender package to suit your specific situation, whether it's with a Chartered Bank, Trust or Insurance Company, or Private Funds.

There is a wide assortment of options and features available to homebuyers today. Shopping around takes a lot of time and effort. The mortgage process within today's very competitive marketplace intimidates many Canadian homebuyers. It pays to work with a mortgage professional who will represent you and ensure the mortgage you get is the one best suited to your needs.

Choosing the wrong mortgage can cost you thousands of extra dollars. Mortgage Brokers are trained professionals who can help you save on your mortgage dollar.

Shopping the banks for best rates might damage Your Credit Score!

Did you know that every time a lender checks your credit, it lowers your beacon score? So if you go to four or five banks, you just lowered your beacon score because each bank had to check your credit history.

The difference between having a mortgage broker shop for the best mortgage rates rather than you is that the mortgage broker only checks your credit history once.

Consider using a mortgage broker when shopping for the best deal. It costs nothing and it won't damage your credit score.