Now that home loans are the cheapest they've been in over a generation...how do you get one?
- Go to your local bank branch (only recommended if you already have a mortgage there)
- Ask your Realtor (will recommend lenders they deal with) and ask your Realtor if they are getting a referral fee from the lenders they recommend
- Look on the Internet
- Check your credit score by ordering "Score Power" or visit www.Equifax.ca. Cost is $23.95 Cdn and can be ordered right over the Internet.
That's the skinny of it.
Here are a few more points that you may not know:
It pays to know your credit score right from the start. If it's high, you may be able to negotiate better rates.
Mortgage Brokers can compare rates among different lenders. They are very accessible and can work with you in their office, over the phone or at your home. They are also great for people with credit blips or situations that are "outside the box."
Most of the big banks have Regional Teams of Moblie Mortgage Managers. If you're going to deal with one of the major banks, this is the way to go and any Realtor can hook you up with one. They are accessible 7 days a week, service is better and rates may even be better than at the branch level.
Get a full mortgage approval prior to looking at homes. You may save thousands of dollars more off the purchase price of the home you're buying if you can give your agent a full mortgage approval right up front.
Your lender must run a "Credit Report" as part of your mortgage approval. An over-the-net pre-qualification is not an approval for financing.
