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Choosing the Right Mortgage
For a first-time home buyer, selecting the right mortgage can be even more difficult than selecting the right property. It is important to take the time to fully understand your mortgage needs. This process may begin to feel overwhelming, confusing and time consuming as you become aware of the many options out there. Lenders do not always use easy to understand terms, which can confuse buyers. Do not let confusion and jargon lead you to make the wrong choice on your mortgage product or a mortgage lender.
Choosing the right mortgage depends entirely on your unique, personal situation and what you need from the mortgage. Purchasing a new home is an extremely important investment. Be wise and seek guidance from a mortgage professional who can point you in the right direction. You would not let an unqualified mechanic work on your car; enlist a professional to work on your mortgage. Our mortgage brokers are here to offer expert advice and clarification on any aspect of your home purchase.
Our professionals will assess your needs and finances to ascertain the best, and most competitive mortgage quote available. We will break down the options in easy to understand terms and explain how each option will or will not affect the way you make your payments.
Mortgage plan options vary greatly and can include:
- Pre-approvals and mortgage rate holds
- Fixed rates, variable rates or a combination of they two (known as a hybrid or laddered mortgage)
- Open, closed or convertible mortgage terms
- Pre-payment options such as lump sum payments, and increased payment amounts or frequency
- Cash back, lines of credit, or debt consolidation options
- And much more
Consider whether you wish to keep your payments the same over a fixed period of time, which enables more effective budgeting, or if your budget can handle the fluctuating payments of a variable rate product. If maintaining savings for your future is important, you can select a mortgage that will enable you to fulfill this aim as well. It is important to remember that the right mortgage should take both the long and short-term into consideration.
Many lenders offer flexible mortgages, meaning you can make extra payments when your resources allow, or skip a payment when funds are a little stretched. The option for a mortgage that enables you to tailor your payments to suit your income is available too.
There is a lot to consider when selecting the right mortgage. You can alleviate some much of this stress by letting us help you. We will investigate the wide range of mortgage options available in Canada and find a mortgage product to suit virtually any home buyer's budget.
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