In today’s competitive North Bay real estate market, homebuyers need all the help they can get in finding the right home at the right price. And once you find your ideal house, you want to quickly present a winning offer and close on it fast.
Finding the right private mortgage lenders North Bay Ontario to help you finance the purchase of your home is a really important step. After all, this is a long-term loan you’re going to be paying for 10, 20 or 30 years. It is often seen people forget to do their homework in the rush to make a competitive offer.
Ultimately, you want to find mortgage lenders North Bay Ontario who not only offers a very competitive rate but is available and delivers excellent service. Here are five tips to help you navigate the process and identify the best Mortgage help in North Bay that’s right for you.
The following are just a few examples of some of the most popular types of mortgage loans available to borrowers.
1. Know what you can afford
Review your monthly spending plan to estimate what you can afford to pay for a home, including the mortgage, property taxes, insurance, and monthly maintenance and utilities. A worksheet for developing your monthly spending plan can be found at Make sure you save for emergencies. Plan ahead to be sure you will be able to afford your monthly payments for several years. Check your credit report to make sure that the information in it is accurate. A higher credit score may help you get a lower interest rate on your mortgage.
2. Shop around—compare loans from lenders and brokers
Shopping takes time and energy, but not shopping around can cost you thousands of dollars. You can get a mortgage loan from mortgage lenders North Bay Ontario nor mortgage broker North Bay Ontario. Mortgage broker North Bay Ontario arranges mortgage loans with Mortgage lenders North Bay Ontario rather than lend money directly; in other words, brokers sell you a loan from a lender. Neither mortgage lenders North Bay Ontario nor mortgage broker North Bay Ontario have to find the best loan for you—to find the best loan, you have to do the shopping.
Work closely with your real estate agent, but take the lead on selecting your mortgage lenders North Bay Ontario
Your real estate agent is a vital and important partner in finding and buying your next home, but it’s important that you choose your lender rather than blindly going with who your agent recommends. The reality is sometimes there is a financial tie between your real estate company and the lender it refers to. In this case, as always, it’s important to closely compare rates with other lenders. Family and friends who have recently purchased a home, as well as trusted professionals who work with lenders can help steer you in the right direction. If you find a lender that wasn’t referred by your agent, ask your agent to do a quick phone interview with the lender to be sure you’re not missing anything.
3. Understand loan prices and fees
Many consumers accept the first loan offered and don’t realize that they may be able to get a better loan. On any given day, Mortgage lenders North Bay Ontario and mortgage broker North Bay Ontario may offer different interest rates and fees to different consumers for the same loan, even when those consumers have the same loan qualifications. Keep in mind that lenders and brokers also consider the profit they receive if you agree to the terms of a loan with higher fees, higher points, or a higher interest rate. Shopping around is your best way to avoid more expensive loans.
Evaluate the rate, level of service and speed in processing your loan.
The internet is filled with “discount” mortgage financing options with great rates, but often they are not able to quickly close your mortgage or offer you the level of service you need. On the other end of the spectrum you have the large, national mortgage companies that purport to offer both great service and value but in reality are not able to give you a competitive rate, and the service is not on the level you might receive from a local company.
With this in mind, it’s important to do research before choosing a mortgage lender. You not only want to compare the rates but also the level of service each lender provides. When comparing rates, be sure to get the estimates on the same day as rates can change daily. When reviewing the level of service, ask how quickly they can process your loan. Is the lender available to personally help you choose the right product and rate, or are you waiting on hold for “the next available representative”? Do they make you jump through hoops just to get a rate quote?
4. Know the risks and benefits of loan options
Mortgages have many features—some have fixed 5 Tips for Shopping for a Mortgage interest rates and some have adjustable rates; some have payment adjustments; on some you pay only the interest on the loan for a while and then you pay down the principal (the loan amount); some charge you a penalty for paying the loan off early; and some have a large payment due at the end of the loan (a balloon payment). Consider all mortgage features, the APR (annual percentage rate), and the settlement costs. Ask your lender to calculate how much your monthly payments could be a year from now, and 5 or 10 years from now. A mortgage shopping worksheet can help you identify the features of different loans.Mortgage calculators can help you compare payments and the equity you could build with different mortgage loans.
5. Get advice from trusted sources / referrals
A mortgage loan is one of the most complex, most expensive financial commitments you will ever assume—it’s okay to ask for help. Talk with a trusted housing counselor or a real estate attorney that you hire to review your documents before you sign them.
Start by asking someone you know who has recently gotten a mortgage to see if they would recommend their lender. Ask a financial adviser, business colleague or real estate agent you know to help you write a short list of referrals. An agent should be able to provide you at least two options. Anything less, and you might question whether there’s a financial interest in the relationship between the agent and the mortgage company they suggest. Often national lenders referred by agents end up offering higher interest rates when compared to local mortgage companies.
Other Things to Consider while Mortgage Shopping
Do your homework and check online reviews
Technology has revolutionized the mortgage selection process, making rate comparisons a quick and easy first step. That said, it’s important to look beyond the initial rates and dig deeper into loan terms (the fine print), such as closing costs, hidden fees and down payment requirements. Some lenders will claim to charge “no origination fee,” but their online quote includes a hefty 2% “discount point” in the fine print. Another great resource when evaluating lenders is to read online reviews on Google, Kijiji North Bay or Facebook etc.
Why Does This All Matters?
At the end of the day, your mortgage loan is the single biggest financial decision you’re likely to make in your life. It’s important to take time to get it right, and that ultimately comes down to finding a lender who can do three things: offer competitive rates, offer great service and quickly process your loan. By keeping these areas in mind, you’re not only going to win as you go to buy your house — you’re going to also save money and time.
Now the question arises- Do I Qualify?
To know more – Contact trusted agents from Goho – Your one stop Housing Solution
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Phone Number: 416 721 2345