Over the next few weeks we are going to provide you with
some great questions to ask when shopping for a mortgage. These tools will be
helpful regardless if you are looking for your very first mortgage or a
seasoned veteran. The only assumption will be that you qualify meaning you are
good to go and that a lender will advance you the funds or renew your mortgage
for you.
We will mix some advice or our opinion in from time to time
but keep one thing in mind there isn't a one size fits all option available.
Every mortgage is for “your” wants and needs and they can vary from person to
person or term to term. Today may be it is all about the best rate but when you
renew may be you need a mortgage with flexible terms because maybe a move is in
the works.
Our first bit of advice is shop around, check with your bank
and compare with other banks. Ask a mortgage broker to give you some quotes,
check with another because when you shop for just a mortgage the credit bureaus
look at this as you being a wise investor they don’t beat your credit score up.
Just make sure you are shopping for just one product, avoid filling out credit
apps at every store you enter because doing this while you shop for a mortgage
could have a huge negative impact on your credit score. Some banks will tell
you if you shop around that you will take a hit…well our advice here is strike
this one of your list as they don’t know what they are talking about or they
know their product doesn't compete with others available.
Our second tip is to deal with a mortgage specialist or
mortgage broker!!! The banks have staff selling a great number of products
today, insurance, investments, and mortgages and then they open accounts or
work as a teller when it’s quiet. This we understand is the new world but you
want someone who has the extra knowledge to give you the right answers every
time all the time! Shopping around takes time you don’t want to have to come
back again to get the answers you should have received the first time. So when
booking that appointment ask if you are meeting with a specialists who deals
with just mortgages and if not either strike this lender from your list or ask
for their specialist.
If you need help before our next blog don’t hesitate to call
us at Oakhill and we would be more than happy to point you in the right
direction. We've dealt with most of the lenders in our market more than once we
know the good ones and we've met a few…well let’s just say ones we avoid too!
Happy New Year, be safe and enjoy the holidays with family
and friends!
