Know Your Mortgage Broker As You Know Yourself

In my part of the world, real estate is everyone’s hobby. Real estate dominates most discussions at the water fountain just outside Vancouver Canuck. Much of the debate concerns the financial aspects of the meeting. .mainly, what kind of mortgage interest did you get? While selecting a lender based on interest rate is essential, it’s only a tiny part of the picture. When considering a lender, there are other considerations as well. The first step is to make a list of your financial goals.

Which tariff are you looking for?

Are you considering fixed or variable rates? How quickly would you like to pay off your mortgage? What payment can you afford? What are your lifestyle commitments? A mortgage commitment can be a blessing or a curse. It is best to check your creditworthiness with both credit agencies. Most lenders give their best rates to customers whose creditworthiness is above a certain level. If your score is not optimal, discuss this with your broker. Improve your score to improve your rate. A ½ point interest rate differential of $300,000 means $4,754 in additional interest over five years, and that’s a lot of tacos. Check the background of the mortgage broker or mortgage agent.

Do you know? Are they interested in the business beyond increasing the rate and product? Are they willing to offer options related to your situation? Are they linked to specific products? Check the flexibility of the mortgage products available. Can your agent offer a variety of options that match your criteria? Disability and the like. In this case, the mortgage broker is trying to appease your employer rather than having your best interests in the transactions. Make sure you are pleased with your options and that those options meet your financial goals visit this page. If it’s a short deal, make sure the lender can prepare the paperwork in time for the sale.