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Never before has there been such a wide range of sources for home mortgages in Canada. The right mortgage, and the right mortgage lender for you, depends on many variables such as the property type, location, use, and value added to your job stability, credit history and debt load. Even more important is considering your needs.
What a mortgage is going to cost will depend only in part on the interest rate. Property owners need to consider important factors such the appropriate amount, term, amortization, and payment plan of the mortgage they are considering.
In addition owners and buyers should look closely at the mortgages prepayment privileges as well as any penalties, fees and other related costs that lenders typically charge. How the mortgage terms may affect the resale value of the property may also be a consideration.
As a borrower you have a wide range of options - however the process of finding a suitable mortgage is now more complex. Certain lenders focus on the residential property market and others focus on commercial or recreational. Yet other lenders will focus on harder to finance borrowers that may have credit approval challenges. Also some lenders specialize in types of properties and of borrowers. For instance while one lender may not approve a self-employed person or newly arrived immigrant, another lender may focus entirely on serving this borrower.
One point to keep in mind. When one applies for credit each lender will check with the credit bureau and that enquiry is recorded. Multiple enquiries can have detrimental effect on your credit rating and ultimately a higher rate on your mortgage. As these enquiries mount up who is likely to take you seriously? When we work for you we evaluate your needs against the offerings of more than 60 lenders with whom we deal but there is only one credit bureau enquiry .
You can take comfort that you will have over 60 years of combined experience working on your behalf. Our services are free of charge to the borrower for most conventional products – but if circumstances require a more unconventional approach there may be fees. We will let you know up front.
* If your circumstances are such that extra ordinary solutions are required - mortgage fees will apply and will be outlined in our commitment.
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