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5 Tips to Get the Mortgage That’s Right for You

 

The process of securing a mortgage can be a little nerve-racking. It's sort of like finding a needle in a haystack only that now the process is a little bit more meticulous and more intimidating with a bit more variations and styles. And all the more if you are a new buyer. In this article, we are going to explore 5 helpful tips to help get the mortgage that’s just right for you.

  • Ask for Advice

I know what you must be thinking right now. Isn’t that kind of obvious? Well agreeably, it is pretty obvious but it if it’s any comfort, when it comes to making an investment this big it helps to snoop around as much as you possibly can and find out all that there is to know about the condo you intend to buy, the mortgage rates and pretty much everything. After all, when it comes to parting with a considerable amount of money, you’ll agree that taking precautions is nothing short of a formality and as they say ignorance has no defense.

  • Get pre-approved

One of the biggest mistakes that folks make when investing in a condo or house is starting the hunt for a condo/house without having gotten a mortgage pre-approval letter. Which then puts their head and shoulders much lower compared to the other potential buyers who may be interesting in bidding on it. And let's face it. If you are not pre-approved, chances are you're the only one at the open house who probably isn't which is a big disadvantage when you are making your offer.

  • Work with an advisor

Once pre-approval is out of the way, the next crucial step you need to take is to re-engage with your advisor so that you can plot out a mortgage plan that's satisfying with your needs. And if your advisor is good enough, he or she will not only help you explore the weekly and monthly payment options, but they will also help you learn the ropes in as far as your investment goes including which mortgage rates would work best, interest rate fluctuations and even couturing a solution that befits your individual needs.

  • Brace yourself for extra costs prior to securing your mortgage

As much as a mortgage will help you pay for your home, you should probably know that it won’t cover all costs. For instance, when it comes to home inspection fees and fees payable to the lawyer who will be handling the mortgage documents, you will have to dip into your own pockets to have that sorted out.

  • Get a line of credit

Sure, a mortgage may be the best thing that ever happened to you and it may just be the key to unlocking all your dreams and hopes of owning your own home. There’s no doubt about that. But is there any guarantee that it will work without bumps along the way? What if it doesn’t? Do you have an escape plan? Although no one ever goes into an investment thinking that there’s even the slightest chance that it could go wrong, it’s always best to be on the safe side for the rainy days by getting a line of credit that will act as an emergency backup source.

 



 

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Toronto Real Estate Board - IDX Last Updated: 12/13/2017 6:21:30 PM