Shopping for a mortgage?

Like anything else, before you get a mortgage you should "shop around".  A Mortgage Broker is a great option to help you when purchasing a property.  They can arrange mortgages through Banks, Credit Unions and have access to products that are not available through "regular" financial Institutions.  Most people when looking for a mortgage only ask about the rate.  This can be a fault of our industry.  How many times do you see brokers advertising the "best" rates?  There are many other factors to consider, such as Prepayment Options (ability to accelerate the pay back on the principal), Penalties (if you wish to payout the mortgage), Assumability (if you sell - can someone take over your mortgage?) and Portability (can you take your mortgage with you if you move?).

But what if you all ready have a mortgage and you are wanting to renew or refinance your existing mortgage.  What should you do?   Again, you should "shop around".  But first, start with your existing lender to see what rate and terms they are able to offer.  Don't just sign the renewal!  After that, contact a mortgage broker and see what products they have to match your needs and goals.

Again, rate is not the most important factor.  Suppose you were shopping for a Financial Planner to manage $50,000.  Would you ask the rate of their mutual funds?  Probably not.  You would likely interview them, to see if you feel a sense of trust.  You would also decide if  you like their strategy for managing your money.    Why is it, we don't apply the same principle with the largest debt we have?  Shouldn't we be looking for someone to help us manage our debt rather than just the best rate?

We will help minimize your payment shock at maturity with our Inflationary Hedge Strategy - saving you thousands of dollars.  We have a couple different strategies we are presently employing with our clients.  It is not just about the best rate.   If you are looking for a Debt Management Strategy, please contact us at (250) 862-1806.  If you have a mortgage and would like to sample our service please click on the link below.


This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.

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About the Author

Tracy Head and Laurie Baird help busy families find mortgage solutions. Together they have more than 45 years of experience in the mortgage industry.

With today’s increasingly complicated mortgage rules, Tracy and Laurie spend time getting to know the people they work with and help them to better understand the mortgage process. They support their clients before, during, and after their mortgage is in place.

Tracy and Laurie work closely with their clients, offering advice and options. With access to more than 40 different lenders, Tracy and Laurie are able to assist with residential, commercial, and reverse mortgages in order to match the needs of their clients with the right mortgage package.

They work closely with their clients to find the right fit, and are around to provide support for years down the road!

Contact them at 250-862-1806 or visit www.okanaganmortgages.com

Visit their blog at www.okanaganmortgages.com/blog


The views expressed are strictly those of the author and not necessarily those of Castanet. Castanet does not warrant the contents.

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