A growing number of Canadians are using non-traditional financiers to get a mortgage instead of refinancing or getting a new mortgage with a bank or other financial institution. This is unwise, because non-traditional lenders charge higher interest rates, have fewer consumer protections and shady practices. What are the new rules and regulations that are driving people to use non-traditional mortgage providers? And how can the best Red Deer mortgage brokerhelp you find a good deal on a mortgage despite the new rules? Also if you’re looking for a mortgage in the Red Deer area www.reddeermortgagelending.com features two of the most talented mortgage brokers Red Deer has to to offer.
Home buyers must have a cash down payment of at least 5% of the purchase price. They can raise this cash from gifts from relatives, cash withdrawn from credit cards or separate loans – but these sources are subject to approval by the mortgage lender. A Calgary mortgage broker can help you find lenders that will accept your down payment sources.
If the property is non-owner occupied, such as a second home or rental property, a minimum 20% down is mandatory per the federal guidelines. The CMHC no longer provides mortgage insurance on second homes at all. A mortgage broker can help you find financing for rental properties and second homes that most will no longer touch.
In general, if you live in Calgary and decide to buy a home, you have two choices: contact a bank directly for assistance with cash or talk with a Calgary mortgage broker. A brokerage company intermediates throughout this process, providing the best solutions for clients. Here are some of the benefits related to working with a mortgage broker:
1. Efficiency of the time spent. To identify the offers of 10 different banks for example, the client has to make a single trip to the brokerage company, thus benefitting from free advice. For the same client and the same good provided, the differences between the lowest and highest premium available to insurers in Calgary may vary by up to 300%. A quality broker supports the understanding of terms and conditions related to mortgage offerings so that customers can make a real comparison between them. In addition, the client does not have to remember about maturity rates and expiration policies, as the broker will remind him at the right time in regard to these issues. If you live in the Fort McMurray area and are looking for a Fort McMurray Mortgage Broker, please visit the previous link.
2. Identifying the most appropriate solutions for client. If an insurance agent must convince the customer to buy the product the company where he is employed, specialists in mortgage provide the customer the best solution for their home loan, selecting the most advantageous offers from several different banks. The customer will have the benefit of choosing from various offers which may not be available to the general public.
3. Save time. Brokers provide advice at any time, anywhere, even at home or at work.
4. Obtain free professional advice for choosing the best product (bank loan, lease, loan from non-bank financial institution – IFN), which can be one or a combination of products from one or more banks.
5. Explaining your meaning all fees, charges and lending process.
6. Brokers conduct a preliminary scoring and credit will be given options that you can access according to merit.
7. Obtain help for preparing the credit file. You will not be you who are looking for information on the Internet, standing in queues, quarrel with bank officials, etc.
8. Brokers monitor your credit file and support in the approval of the bank. You will not have to give phone every day to ask what’s happening with your loan!
9. You will pay the bank less fees and lower taxes: brokers can negotiate for you reducing certain fees or even eliminate them altogether.
10. You are offered assistance until the credit contract is signed and the money cashed. Since they receive their commission only after you become bank customers, brokers have every incentive to ensure that you are happy.
Keep in mind that a Calgary mortgage broker can truly speed up the lending process and present you with a wide array of lending options for informative purposes.
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