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Thursday, 21 March 2013

Finding the right mortgage stressful?

Over 35% of Canadian find they have a hard time to get straight answer out of mortgage lenders. Lower than 10% finds the experience “stress free”  according recent surveys by ING and Angus Reid-poll released this week .
The stress comes in three different ways, according to participants:
1.       Complications with negotiating a rate (almost 60%)
2.       Make the right decision on the term and product will fit (over 50%)
3.       Getting any kind of help from mortgage lenders
Borrowers in the age category of between 18-34 are finding while research material is abundance, comparing offers are confusing and overwhelming. Over three hundreds products provided by banks, trust companies can be misleading and hard to understand. Rates from Canadian, Calgary mortgagebroker and or other brokers are well researched and seems like there is a way to make the process simpler.  There are two ways to get a mortgage:
       Contact numerous lenders and ask for information about their product and make the decision …
       Seek out the help of a Professional Mortgage Broker, who will do the job for you, save time, effort…
Now you must remember a few things:
1.       You cant rely on a lender to give you competing information, rate or product, as each are promoting the only choice they have, their own product.
2.       There are many sides and components to a mortgage and as you are not a professional, you might not ask the right question and or forget to ask the most important question, and most likely the one you forgot will come back to hunt you.
3.       Brokers doesn't sell mortgages from all lenders, however have access to all lenders and able to obtain the best rate, the best product: custom fitted to your circumstances and needs and not of the lenders.
As a results are most likely you will end up with a better mortgage rate, product and save a lot on interest, when you hire a mortgage broker. Look at brokerages provide free consultation and provide you with a plan, as you must know about the step will be taken in your interest. Ask tough questions and if you get detailed answers, most likely you have found your broker, who will represent you the best.

Some people have expressed their concerns and opinion…
…hate when you ask a lender for rates, get an answer and you find a lower rate just to find out you original lender is ready to match and even undercut that rate…
…a mortgage broker in Calgary have proved me, mortgage brokers are very qualified to find you the right mortgage, but you must shop when you make a decision which broker you will trust…
…we were shopping for rates foe four weeks just after we have got pre-approved by our broker and his quoted 2.89% was beaten by one of the lender we have found after hundred hours searching 2.88%, we wished we would have listened to our broker at the first place, would of saved a lot of frustrations…
…we have got a rate from one of the lenders we have contacted 2 years ago and we have decided that is it, the rate have beaten out any other offers an we have rushed to sign, make it happen. Wow, what a huge mistake, after 2 years we are moving and to pay out the mortgage, a 5 year fixed mortgage, we will have to pay a penalty over $30,000 IRD to just get out of it and now we have no clue what would be our next step…
…we have learned from that Calgary mortgage broker, the rates are important, but the product, what is fitted for us, equally as important, as we, like others have special circumstances and needs when we look into the future. Most important, now we know, to have clear strategy and an executable plan if we to avoid traps… thank you MortgagePRO