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Finding the best mortgage product
Dec 11, 2013
There are more than 400 mortgage products available.
Financial institutions have their own in-house selection. If you are an existing client you can negotiate as they will want to retain your business. If you shop around to other institutions and find a competitive rate present it to your lender.
Mortgage brokers are independent of financial institutions and work on your behalf. They scour the market for the best mortgage options for you offered by banks, trusts, private companies and insurance firms. The broker will negotiate the best terms and rates for you and approval is usually fast.
The selected lender pays the mortgage broker not you.
Many private mortgage companies have a higher risk tolerance and therefore are more flexible with lending rules as opposed to financial institutions.
For buyers with poor credit or an unstable financial situation, interest rates and closing fees can be greater than those offered by financial institutions.
Before you meet with any lender familiarise yourself with current rates, terms and conditions. Check posted websites on any bank website,
Ratehub.ca and ratesupermarket.ca compare the best rates in your area.
Adapted from Metro Article written by Lesley Scorgie.