Do You Need A Mortgage In Canada?
Are you considering buying a home in Canada in the near future? Is your current mortgage rate sky high and inhibiting your ability to lead a satisfying life? Do you think all that home equity sitting in your house doing nothing could be put to better use? Do you have any pressing financial needs or concerns? Education expenses? Joblessness? Medical concerns? Any other financial worries? Or maybe you’d just rather be prepared for those inevitable rainy days? You probably need a mortgage.
Mortgages enable Canadians to buy homes, reduce the interest rate on homes they currently own, and tap otherwise wasted home equity and put it to good use. Without the leveraging effects of mortgages, we’d have to buy our real estate in cash. Mortgages are much more than just home loans. With refinancing, they can be a way to take advantage of lower interest rates, longer or shorter terms, and put more money into your family’s budget – or save for retirement! With a home equity line of credit, a second mortgage can work like a credit card and could be that on-going ‘extra cash’ you have sitting around for those unexpected emergencies that crop up.
Further, when you need a mortgage in Canada, you’ll find that you have two choices: go to a traditional bank for a loan, or seek the help of a mortgage broker. When making the choice, you need to remember that when you choose to go to a bank for the loan, you’re dealing with only one lender and a loan officer who represents that lender and not you. A bank’s loan officer is charged with issuing loans that are profitable to the bank. The loan officer is seeking out terms that are best for the bank and does not have your interests at heart.
However, that’s just how how a mortgage broker operates. Mortgage brokers work with several banks and lending sources on your behalf, trying to get you the best loan. They will already know of several packages that might be suitable to you and if not, they’ll search around within their network of lenders to find one that will be suitable to you. Mortgage brokers will also know of options specifically for individuals with bad or no credit, while a bank will typically automatically disqualify anyone without a certain, generally very high, credit score. In short, when looking for a mortgage in Canada, a mortgage broker is there for you. A bank’s loan officer isn’t.
So what’s in it for the mortgage broker? And will you be charged an excessively high fee in exchange for their valuable resources and time? Not at all. Many Canadian mortgage brokers are paid commissions and fees from the lenders they represent. In any case, there is no charge to you. And if you work for a mortgage broker who does charge a fee, it’s time to find one that does not.
Whether you need a mortgage for a first home, a second home, to refinance an already purchased home, or to put a little extra cash in your pocket, utilize a Canadian mortgage broker for your Canadian mortgage. You’ll get a host of options, and great friendly advice!
For more information on <a href=”http://www.canadianmortgagesinc.ca/”> Mortgage In Canada </a> and <a href=” http://www.canadianmortgagesinc.ca/home_equity_loans/”> Home equity loans </a>, visit most trusted and experienced mortgage broker at www.canadianmortgageinc.ca or call 1-888-465-1432 to speak to an experienced broker agent.
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