Sep 09 2016
It’s true that every person in the world dreams to have his/her own home. Canadians face dilemmas from a lot of angles when it comes to home ownership.
For example, the question of what and where to start to buy their own home troubles them all. Of course the next best thing is the mortgage rate.
Since you might have set your budget to buy the home of your dreams, it is still vital to look for great deals. You need to know how to finance the purchase of a home, mortgage down payment options and even savings for your down payment.
Mortgage marketplace in Canada is highly competitive. Banks act as the prime target for your home mortgage and are considered as one of the most reliable source. But today’s market offers another good source for your home loan i.e. independent mortgage broker.
Mortgage broker is a person, who works as intermediate between lender and borrower. And receive the commission from the lender once a loan is approved. In short, mortgage broker will provide you fair guidance of cheap interest rate from lenders like big banks or financial institutions.
Before you start house hunting, explore the market for the finance to procure a home. Research all about every source that provides you mortgage. Search out their best interest rates, terms & conditions as well as down payments. Thereafter, look out for the best source/lender who will lend money for your home. Last, but not the least, look for the mortgage broker who will help you negotiate with the chosen lender. Look how to pay back the mortgage amount in low rate?
So before selecting any options set your down payment first. As there are a number of mortgage down payment options, choose wisely. Canadians consider low down payments as the most reliable way to start mortgage. Select your down payment as you going to pay either weekly or at monthly bases. RRSP first time home buyers plan is the most trusted by Canadian residents. Here are some mortgage down payment options.
A dedicated financial broker will help you in selecting the best mortgage plan, rates, terms and conditions. These days, with low interest rates in real estate market boosting confidence of Canadian citizens, hiring a broker is perhaps the best decision you can ever take.