You have made the decision to buy a home and start looking at properties. Before you get rolling, you should start trying to find the best mortgage option for your situation.
Most people begin shopping for a mortgage at the last minute and settle for the first offer they get. This is an absolutely terrible thing to do. A house is one of the most important things most consumers will ever be able to own and getting a mortgage on that house, or more correctly, getting the best mortgage possible on that house, is only too important. The only way you will be able to find that perfect mortgage is to shop around.
Obviously, this means that you should begin looking as soon as possible. Don’t wait until the last minute to search for mortgage options! Rather, leave yourself as much time as possible to get as much information and knowledge as you can about all your mortgage options. If you use a mortgage broker, they will do all this leg-work for you, usually at no cost! Also, they will vet your mortgage to many lenders, obtaining the most competitive rate, with just one check on your credit. Applying at multiple lenders yourself will result in multiple hard-enquiries on your credit file, which can negatively impact your overall credit score.
If you wait until the last minute to find a mortgage you will be forced to settle on one early and can end up costing yourself tens of thousands of dollars in the long run. One percentage point of interest might seem like a small amount, but when that one percentage point is used on a mortgage of hundreds of thousands of dollars based over 20 to 30 years, that one percentage point can end up equalling tens of thousands of dollars! That money is all interest that is being paid to the lender. You have better uses for your money; don’t allow a lender to take more than you have to. Shop around and find the lowest interest rate and best mortgage plan possible.
It is advised to begin shopping for a mortgage as soon as you decide that you might be interested in purchasing a home. You don’t have to get too serious, but check out the major banks and lenders that you know of to start with. Lay some groundwork and get some feedback. Check out websites and do a little research on what the posted interest rates are for various mortgage terms. Start making some goals of how much you will need and what sort of interest rate you want. It is highly advisable to get pre-approved for your mortgage loan first, that way in addition to getting a rate-hold, you will know exactly what price range you should be shopping in for your new home.
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Rebecca joins the team with over 20 years of business, investment and real estate experience. A true advocate for the consumer, Rebecca brings you unparalleled integrity with unbiased advice. Phone anytime and discover for yourself just how easy and enjoyable the mortgage process can be.
Serving Metro Vancouver Area
Maple Ridge & Pitt Meadows BC
Direct 604.614.2382
Fax 604.463.7886
rebeccaawram@homenwork.com
www.communitylendingcentre.com
Head Office:
#200 - 5050 Kingsway
Burnaby, B.C.
V5H 4C2
