Getting a mortgage is getting into a huge financial commitment. For this reason, you can’t afford to go wrong. Whether you are taking a mortgage for the first time, moving home or remortgaging, the wide range of mortgage products available in Ontario, Canada can be overwhelming. When first getting a mortgage, you want to ensure you can afford a mortgage (check out our Mortgage Affordability Calculator) and find the best mortgage broker who has the knowledge and experience to assist you. Before you go to see your Broker, you should be prepared with some questions. Here are some typical questions you may want to prepare for your broker.
- How do I know which mortgage is right for me?
- What is a fixed rate mortgage, what is a variable rate mortgage?
- How much can I afford?
- What is the best mortgage rate for my particular situation, fixed mortgage rate, variable mortgage rate or a combination?
- What is required to obtain a first Mortgage?
- How long does it take to complete a mortgage transaction?
- Should I get pre-approved for a mortgage before I look for a home?
- What is a mortgage down payment?
- Where can I find money for my mortgage down payment?
- How can I buy a home with less than a 20% down payment?
- What’s the difference between closed, convertible and open mortgage terms?
- How much will I save over the life of my mortgage if I choose a shorter amortization period
- What is a “portable” mortgage?
- What is an “assumable” mortgage?
- Can I make prepayments or lump sum payments and will it help me pay off my mortgage faster?
- What happens if I miss a payment or cannot make a mortgage payment
- How can I get the best mortgage rate available and is there anything I can do to ensure I get the best interest rate?
- What costs are involved in obtaining a mortgage? (fees to set up the mortgage, discharge or renew the mortgage)?
- Can you provide the different scenarios for the various mortgage products available and the pro’s and con’s for each?
- Why should I look closely at prepayment privileges and penalty charges when shopping for a mortgage?
- Can I choose an “accelerated” option for my mortgage payment
In addition to finding a perfect mortgage deal and answering your questions, a mortgage broker can also help you in applying for and setting up the mortgage. The broker handles all the paper work involved and the rest of the process. The experts at Oakville Mortgage Team will provide the necessary support throughout the mortgage negotiation period.
Choosing a mortgage involves more than just picking the cheapest variable rate or fixed rate mortgage you can find. And that is why you need the services of mortgage advice from a qualified and experienced mortgage broker. Our best mortgage brokers are qualified individuals, will give expert mortgage advice and answer any questions you have.