In what can be a confusing process, its good to have a little resource like this in your pocket. Over the next few posts in this series, we'll try to demystify the process and answer a few questions along the way. Get in touch if there are specifics for your own situation, we'd be happy to help with more information or direct you to the right resource wherever possible.
Step 1 - Pre-arrange your mortgage financing
Consulting a knowledgeable, independent mortgage broker is your best first step in this process. A mortgage broker works on your behalf and is not on the payroll of any bank or lender therefore they offer unbiased advice on the full range of products from a variety of different mortgage lenders so that you can compare and contrast the products available and select the mortgage personalized mortgage solution that works best for you (not what the bank thinks works best for you).
Your mortgage rate can be guaranteed for up to 120 days so you're able to shop for your home with the comfort of knowing that a sudden increase in rates won't affect you as long since you have those 4 months of protection. And of course if rates drop, your mortgage broker makes sure you get the benefit of the drop. (Do you really think your banker would do this for you ? They get paid to make the bank money, not save you money!)
Check back soon for our next post on downpayment options.
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