How to shop for a mortgage
For many people, a home will be the largest purchase of their life. It stands to reason then, that when you are shopping around for your Mortgage you will want to take certain steps to ensure you are getting the sharpest rate and best product.
Do not always rely on the bank for the best rates
Mortgage Brokers can often beat the bank rates by using different lenders. They can also often get you a better rate at your own bank simply because of the high volume that they do with them. Brokers have access to a number of different lenders giving you more options for not only the best interest rate, but also the best product for you.
Know your credit score
Your credit score is a large factor in your mortgage application. You need to know where you stand with your credit before you begin the process of shopping. All lenders will look at your credit history and score first then they build a file around that. A Mortgage Broker can obtain your credit score in a few minutes; all you have to do is ask.
Make it a one-stop shop
Avoid shopping from institute to institute. You may think that more options lead to better rates, but in fact lenders will frown upon you having your credit score pulled multiple times. This is where the benefits of using a Mortgage Broker come into play. They will pull your score one time only and use that to shop around with lenders for you.
Understand that the market will change
Starting the shopping process knowing that the market you qualify in today will adjust is key. Rates might be low right now, but new rules and implications can change things when you are up for renewal. Understand that you must be able to carry your mortgage payment on at a higher rate if new laws are put in place.
How Client First Mortgage Solutions can help you
Mortgages are not only about finding the best rate; so at Client First Mortgage Solutions we always find our clients the best product that works for them. There are many reasons how a Mortgage Broker can help you. Click on the link and read ’10 Great Reasons to use a Mortgage Broker’ to learn a few. Remember a Mortgage Broker can give you independent advice on your financial options, and provide you with more choices and competitive rates. A Mortgage Broker works for you, not the bank. They always ensure that you are getting the best rates and terms, and provide you with ongoing support and consultation. Why not contact us today.
Original Article – Dominion Lending Centres
