Mortgage shopping is not as easy as it sounds. For people who are just getting introduced to mortgage, it’s not as fun as shopping for shoes, furniture, smartphone, or a vehicle. Believe it or not, this purchase will be one of the hardest of your life. For this purchase, you would have to dedicate time and effort so you can make the right purchase. As a mortgage broker, our job is to make that process less painful and hassle-free, and that’s why we’re writing this blog.
5 tips that will help you pick up the best mortgage rate in Calgary
- Be Employed
If you’re a worker who has been working in a stable way for the past 2 years, the chances are high that you will be getting a good mortgage rate. Lenders want to hand out money to the people that are capable of returning the money, and if you’re working, the chances are pretty high that you will be getting the best mortgage rate.
- Down Payment
As one of the best mortgage broker in Calgary, I’m going, to be honest with you. Putting more money in the down payment will help you get a lower mortgage rate, and this works every single time. Lenders accept less than 20 percent of down payment, but that will increase your overall premiums. You want to go over 20 percent if you want to make your mortgage rates low.
- Choose A Shorter Time For The Repay
The longer your mortgage plan will be, the higher your payables are going to be. Mortgage broker Calgary rates work similar to money borrowed from the bank, the longer you take to repay it, the higher interest you will have to pay. Also, you want to have a good credit score so you can convince the lender that you are capable of repaying the money.
- Go To Different Brokers
Instead of shopping from one Calgary mortgage agent, you want to try out rates that are offered by other brokers. Brokers act as middlemen, and if you want to benefit the most out of them, you want to go to the best in your city. A good mortgage broker can help you in attaining the best mortgage plan at the lowest rates.
- Know Your Needs
When you’re shopping for a mortgage plan, you want to make sure you know how much money you need. You need to stay within your budget so you won’t have a hard time repaying it. Also, the higher you go, the more monthly payables you will have to deal with.