calgary-mortgages.ca Open in urlscan Pro
2606:4700:3037::6815:4fcf  Public Scan

Form analysis
0 forms found in the DOM

Text Content

Skip to content
 * Home
 * About
 * Contact
 * Privacy Policy


X



CALL US NOW:

Tap to show




CHOOSING THE RIGHT MORTGAGE LENDER AND COMPARING LOAN OFFERS

 * calgarymortgages
 * March 28, 2023
 * 10:28 am



When selecting a mortgage lender, there are a few things to consider. Make sure
they offer you the most suitable loan for your circumstances, have excellent
customer service and are open about its workings. Furthermore, shop around and
compare different lenders to ensure that you’re getting the most competitive
rates and terms possible.

1. Make a List of Lenders to Call and Prepare Questions for Each One

When shopping for mortgage lenders, have an organized list with each lender’s
contact information as well as loan types you are interested in discussing.
Doing this saves time since it eliminates having to explain your loan needs each
time you speak with a new lender.

2. Request Loan Estimates from Multiple Lenders
To compare mortgage loans, obtain loan estimates from at least three to five
lenders. These standardized three-page forms will give you an overview of each
lender’s offer. A study by Freddie Mac revealed that mortgage borrowers who
obtain multiple quotes on their loan costs typically save an average of $1,500
over the life of their loan.

3. Ask Lots of Questions
When selecting a mortgage lender, it’s essential to remember that each loan has
unique requirements. Some require low down payments while others may require
larger amounts as down payments. Furthermore, different interest rates and
options exist such as adjustable-rate mortgages (ARMs) or fixed-rate mortgages.
When making your choice, ask plenty of questions so you understand all your
options fully.

4. Be Aware of Fees
Before signing a loan agreement, make sure you comprehend all fees associated
with it. These can accumulate over the duration of your loan and may continue to
affect your finances even after you’ve moved into your home.

5. Be Flexible and Prepare to Negotiate
It is best to keep an open mind when discussing loan terms. While some mortgages
include up-front costs such as points, these can usually be negotiated away if
they do not make sense for you.

6. Perform a Cost-Benefit Analysis
Before making any decisions, be sure to do the math to see if you’re getting the
best deal. In addition to interest rate, consider closing costs, lender fees and
how long you plan on staying in your new home.

7. Use a Mortgage Broker Comparison
A mortgage broker is an independent third-party that works with multiple lenders
to find you the most suitable home loan for your specific circumstances. This
may be beneficial for those who lack time or energy to do their own research.

8. Evaluate Your Credit Before Speaking to Lenders
Before applying for a mortgage, lenders will access your credit report in order
to assess your financial health. This gives them an overview of your income,
debts and credit history – which they’ll then use in determining whether you
qualify for the loan.

Monitoring your credit score while searching for a loan is beneficial, so that
you can see how it’s improving and changing over time. Experian offers this free
of charge.

PrevPreviousHome Loan Options For First-Time Buyers

NextThe Best Way to Find a Good Mortgage BrokerNext



MORTGAGE RATES – WHY IT’S IMPORTANT TO COMPARE RATES

11 April 2023 No Comments

Mortgage rates are essential, as they determine how much you pay for your loan
and the size of mortgage loan you qualify for. Rates can

Read More »


THE BENEFITS OF WORKING WITH MORTGAGE BROKERS

10 April 2023 No Comments

Mortgage brokers are professionals that assist you in finding and securing a
loan for your home. With connections to various lenders, these brokers may be

Read More »


WHAT DOES A MORTGAGE BROKER DO?

9 April 2023 No Comments

What Does a Mortgage Broker Do? A mortgage broker acts as an intermediary
between lenders and borrowers seeking mortgage loans. They do not use their

Read More »


HOW TO LOWER YOUR REAL ESTATE AGENT’S COMMISSION ON HOME

8 April 2023 No Comments

How to Lower Your Real Estate Agent’s Commission on Home Sales When buying or
selling your home, the real estate agent’s commission can be a

Read More »


BROKERAGE FEES AND CHARGES EXPLAINED

7 April 2023 No Comments

Brokerage Fees and Charges Explained Understanding your brokerage fees is
essential for building a strong investment portfolio, whether you’re a day
trader or long-term investor.

Read More »


COMMON FEES & CHARGES ASSOCIATED WITH USING A MORTGAGE BROKER

6 April 2023 No Comments

Common Fees & Charges Associated With Using a Mortgage Broker Finding a mortgage
can be an extensive and time-consuming process. Utilizing a mortgage broker will

Read More »


CONTACT US


GET IN TOUCH WITH US!



Calgary Mortgages is your trusted mortgage broker that offers you the best
mortgage rates and terms, so you can save thousands of dollars over the years!
 * 
 * 
 * 


USEFUL LINKS

 * Home
 * About
 * Contact
 * Privacy Policy
 * Terms Of Service


OUR SERVICES

 * Mortgage Pre Approval
 * Mortgage Renewal
 * Mortgage Refinance
 * First Time Home Buyer Program
 * Commercial Mortgages
 * Debt Consolidation


CONTACT INFO

500 Royal Oak Dr NW, Calgary, AB T3G 5T5
contact@calgary-mortgages.ca


CALL US NOW:

Tap to show



Copyright © 2023 calgary-mortgages.ca All rights reserved.