Posted: October 30, 2009 Categories: calgary mortgage broker, mortgage advice
Do you remember the days when getting a mortgage was easy? Simply show up to your favourite broker or banks office with a pay stub and a decent credit score, and after signing a few papers, you walked out the door with a mortgage! Okay, perhaps it was never that easy, but the global financial crisis has effectively ended the days of banks handing out 108% mortgages.
Lenders, in a bid to act more responsibly, have tightened their lending criteria. However, this doesn’t mean that you need a perfect credit rating or no outstanding debts to qualify for a mortgage. Being savvy, and following the advice of a good mortgage specialist, will net you a mortgage that is perfect for what you need it for (not all mortgages are the same). When it comes to home loans, knowledge is power.
Confused? Talk To Your Mortgage Broker.
If you are unsure about home loans it is always a good idea to talk to your mortgage broker. As with just about anything, there are many ways that you can borrow money- and that money doesn’t always have to come directly from a bank. Your mortgage broker is a specialist and knows the ins and outs when it comes to finding a suitable lender for you. Not only that, but your mortgage broker is a trained professional who knows the Calgarian marketplace.
Your goal as a home buyer is to find the ideal home for you needs. All factors, from price to square footage, play a role in that. Your mortgage broker can do a lot more than simply connect with you with a lender; mortgage brokers can offer sound financial advise in regards to lending products that are tailor made for your specific situation. After all, if you are a first-time buyer with no equity your product needs may be different than someone with a lot of equity built up.
How a Mortgage Broker Operates in Calgary
Calgary is a big city, both by geographical size and by population. Because of this fact there are dozens of mortgage brokers that can assist you in finding a lending solution. All mortgage brokers will follow a structured process:
- Initial consultation – Your mortgage broker will discuss your lending needs and circumstances based on the information that you provide. This consultation will determine your needs and long-term goals, ensuring that your mortgage broker finds the best lending solution for you.
- Rate negotiation – A good mortgage broker, such as the Purcell Mortgage Team, will not simply pick a lender for you. Instead, they will negotiate with lenders until they have a solution that fits your needs. Lenders, when vying for your business, will often give a mortgage broker interest rate cuts and drop various fees and charges- benefits that are not usually available to you without one.
- The Approval Process – Once your broker has found the right loan product for you the broker will complete the necessary paper work and send it off to the lender. You may need to provide some documents/information, but the majority will be handled by your broker. Most lenders will get back with a pre-approval within a few days, with a formal approval taking up to two weeks (depending on the lender).
About the Purcell Mortgage Team:
The Purcell Mortgage Team are an industry-leading pair of mortgage professionals who have been serving Calgary for several years. JoAnne Purcell was ranked within the Top 50 Canadian Mortgage Professionals in the CMP Magazine. If you are in need a reputable calgary mortgage broker please contact us today!
The Purcell Mortgage Team are experts on Calgary mortgages!