Residential Mortgage Financing In Canada Is A Process
“To Have The Best Residential Mortgage Financing Experience Can Require A Certain Amount of Education, Planning, and Patience”
Buying a house is a big decision for 95% of the population so the process for locating and securing a mortgage program that best meets your requirements is also extremely important, considering it will be the largest single financial obligation most people will ever have.
So while we’d like to believe the process is super simple and quick to take care of, do you really want to make such a big decision on less than complete information? Even if you can easily qualify for a mortgage, how do you know you got the best deal and how do you know what the best deal is? Is it the lowest interest rate? … relevant to what term? Does the amortization and prepayment options match your financial goals? Did you get pre-authorized for a mortgage approval to allow you to lock in a rate early in the process while still being able to keep your options open related to rate declines? Do you know how to keep your options open? Did you have time to research all the hundreds of mortgage programs on the market to figure out which one is the right one for you? How do you know if your current bank can provide the best options for your situation? Have you been checking your personal credit to make sure its as strong as it can be prior to an application? Do you know how to improve your credit quickly in order to provide for the best mortgage programs? What do the best mortgage programs require in terms of credit? If you don’t have a lot of cash to work with, do you understand the rules related to acquiring mortgage insurance? If you’re credit is not the best, are you focusing on the institutional lenders that still provide the next best rates for less than perfect credit score?
The list can easily go on and on and on. Residential mortgage financing is a process that needs to be customized to each person at a given point of time looking to purchase a specific property.
Learning about how it all works is important. And while many would say its impractical to be able to gather all this knowledge for something you only will ever draw on every once in awhile, the next best option is to work with an experienced mortgage broker who can 1) make sure that you understand what information and considerations are relevant to you, 2) provide you with the coaching it takes to accomplish your ultimate goal.
its not unusual for me to work with clients for several months before the process is complete. Its not unusual for it to take that long, depending on your circumstances. And the sooner you start working on your residential mortgage financing requirements, the more likely the results will work out in your favor.
About the Author Joe Walsh
I'm a Toronto Mortgage Broker that arranges mortgage solutions on residential and commercial real estate property. With over 30 years of mortgage financing experience, I'm able to quickly assess your financing requirements and provide relevant solutions for your immediate consideration. Joe Walsh Google+ YouTube Channel