Competition = Low Mortgage Rates

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.

Check out the Market before House Shopping

Before you begin house shopping, check out the market and familiarize yourself with what is available.

Being pre-approved will tell you how much you can afford, so take a look at the real estate listings in the paper or through other real estate publications. By doing this, you will have a good idea of what is available in your price range and what you can expect to view when you start home shopping.

Also, taking a drive in a desirable neighborhood is a good idea as you could stumble upon an open house giving you a better idea of what you want in your new home.

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Closing Costs Associated with Purchasing a New Home

Be prepared to pay some closing costs when purchasing a new home. These costs are not part of the property purchase, but additional items that you should consider. However, it is important to remember that these items may not be applicable in all cases, so check with your lawyer for a complete list of all closing costs specific to your situation. Possible closings costs can include:

• Legal fees
• Property Transfer Tax
• Interest Adjustment
• Property Tax Adjustment
• Property Appraisal
• Property Inspection
• Survey Certificate
• Insurance Binder

Note: Some of these costs may be included in your legal fees as your lawyer will arrange for the service to be completed.

Why get Pre-Qualified?

It is a good idea to get pre-qualified when you decide to purchase a new home because being pre-qualified will help you to:

• Save time by only looking at homes within your price range
• Save money by locking you into an interest rate for up to 120 days. By locking your interest rate you are protecting yourself from rate increases that can occur after you write up an offer, but before you close on the purchase.
• Deal with the seller more effectively because they know you are a qualified buyer. The seller is often more willing to negotiate or accept a lower purchase offer if he or she knows you are pre-qualified and able to purchase.

How Much Can I Afford to Spend on a New Home?

When trying to figure out how much you can afford to spend on a new home, it is important to decide how much of a down payment you are willing or able to put down. For example, many first-time home buyers only put 5% down because coming up with the extra money is sometimes difficult. However, the more money you put down, the less money you have to borrow and pay back. Your personal income will also be a factor in how much you can spend, so why no let our professional mortgage brokers work with you to determine exactly what you can afford to spend?