When it comes to finding a mortgage for your home, there are just about as many
options as there are homes in your city. The competition is stiff, yet this is
to your advantage and you can certainly benefit from this. Commercial mortgage
brokers, private consultants and bankers are all vying for your mortgage dollars,
giving you the upper hand, it is after all your choice who you employ and sign
a mortgage agreement with. Keep this important point in mind as we explore the
many options in finding the right mortgage for you!
Choosing a mortgage or re-mortgage is one of the most important decisions you
will make. Finding the best mortgage deals (or best re-mortgage deals) could
easily save you thousands of dollars. Finding the best mortgage rate is the
bottom line. Once you know what you're looking for, check the mortgage
rates offered by your local bank or credit union for your Omaha or Arlington
TX houses. Their rates may or may not be competitive, but you'll never
know if you don't ask. Beyond that, you should consider asking friends
or family if they can recommend a reputable mortgage broker.
While a mortgage broker isn't absolutely necessary, working with one
can make finding the best mortgage deal much easier. Ideally, you should contact
more than one broker and see what they can offer you. Just be sure to ask for
a 'good-faith estimate' from each so you can make an informed comparison
based on the full rundown of rates, fees, and so on. Whether you are looking
at homes is Detroit, New York or Oregon, business cards are a great thing
to collect from the various brokers you meet, and jot down any pertinent information,
rates or figures on the back of each card to keep it all organized and make
it easier when it comes to comparisons and final decisions.
Once you've found what appears to be the best deal, start shopping it
around. Go back to your bank, any other brokers that you've had contact
with, and see if they can beat it. Even if they can't beat the rate, they
might be able to sweeten the deal by knocking some money off your closing costs,
or taking a lesser commission. Perhaps they might have the inside scoop on the
latest Edmonton homes for sale and can get you a great deal in the future.
Remember, you're looking for the best overall deal, not just the lowest
rate. A bit of extra work here can pay huge dividends.
Of course, you should also be comparing these offers to rates that can be easily
found online. Just be careful; some have found that certain lenders are less
than honorable when it comes to making good on the rock bottom rates that they
If you're buying new construction, you might feel some pressure to use
the builder's preferred lender. While they'll likely offer to throw
in some freebies if you use their guy, you probably won't get the best
overall deal if you simply say yes. Instead, negotiate with them on this point.
For instance, you could agree to use the builder's lender, but only if
they match the best deal that you can find. You could also negotiate to get
the freebies even if their mortgage guy can't match your best deal. For
instance, they might offer to landscape the huge balcony of your King West lofts, or give you free upgrades on countertops and doorknobs. These depend
on what you are looking for in the finished product of your home construction.
Finally, when it comes time to close, be sure to read everything that is put
in front of you. You might feel uncomfortable making the closing attorney sit
there while you read through all the paperwork, but that is their job after
all. If you simply can't stomach doing this, you at least need to go over
your settlement statement (which lists all the details of your deal) with a
fine-toothed comb, and make sure that you are completely satisfied with the
terms and conditions of your mortgage before you sign anything.
Thanks to Wynn fitness.
|Brampton Real Estate|
For the best selection of homes in Brampton, call (416) 783-5000 today!
|Maple Ontario Real Estate|
Find your next home in Thornhill. Call Dave Elfassy at 416-899-1199 today.
To book an appointment or for further information call (416) 465-0919.
Call Kamal Chhabra, Mississauga real estate agent, on (416)566-6872.