December 6th, 2012 @ // No Comments

Buying a new home is such an exciting experience and one whose outcome is the joy of becoming a homeowner. Even before you view houses to buy, it is a good idea to pause and explore the type of mortgage you are eligible for. This is the best time to also choose a reliable mortgage broker to help you determine the best mortgage for your new home in Calgary. An expert broker will advise you to get a pre-approved mortgage as it can help you be more focused on the type of house you can purchase based on your budget and also make it easier to plan your monthly payments.

Fortunately, mortgage rates are currently at all-time lows; however, it is always a good idea to research the options available before you sign on the dotted line. When it comes to getting a mortgage, comparison shopping is absolutely a must. Your mortgage broker can present you with a variety of mortgage plans and discuss those that are a good fit for your needs.

Understanding all the costs

When purchasing a home, in addition to your down payment, there are a number of costs you must be prepared to cover. It is a good idea to understand these. Scrutinize them carefully with your mortgage broker’s help so that you know exactly what you are getting into before you commit yourself.

Your credit score plays a role in this

If you were to approach lenders individually, on your own, your credit score could take a beating. When you work with a broker, the broker pulls your credit report and the same is used to evaluate your eligibility with various lenders. Make sure you keep track of and monitor your credit rating so that any discrepancies can be corrected as soon as possible.

After you explore what is available, lock in your low rate. You can do this at pre-approval stage, locking it in obligation free for up to 120 days.

The best rate will depend on your individual financial situation. Your mortgage broker will help you to determine the monthly payment you can afford comfortably.

The process can be intimidating. Why not call your mortgage broker for more information and customized solutions?

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