The majority of Canadians find mortgages to be very stressful. In March, Angus Reid and ING Direct discovered in their survey that 2/3 of Canadians find the process of getting a mortgage to be very stressful, time-consuming and not at all straight forward.
Negotiating a rate is the most stressful aspect, as is deciding on the right term and schedule of payments, as well as getting customer service help. Just finding the right mortgage product is more difficult than it has to be, since many institutions have so many to choose from. How do you make the mortgage less stressful and make the right decisions regarding your future?
Set Priorities and Goals
Do you know where you want to be in 5 years? What are your realistic goals? Calculate how much money you need to fulfill those goals, discover what you want out of life and learn to be patient with yourself. It is very important to understand your needs and goals so that you can figure out how much money you need each month to fulfill those needs. Owning a home is a great responsibility, but it also provides many opportunities you may have not thought of including:
- Tax benefits
- Forced savings
- Control of your own living space
- Advantages of growing equity
- Growth in real estate values
- Home equity for future needs
These are just a few advantages of owning a home. Talk to people you know who have mortgages and discover how much they enjoy living in their own home, rather than being at the mercy of a landlord.
Learn as much as you can
Before you go to talk to a lender, learn as much as you can about mortgages and mortgage products. Learn about the various kinds of mortgages, understand how a mortgage term works. Understand how many costs are associated with home ownership. Read reports online, talk to people who have mortgages, get some help.
Work with a Mortgage Broker
Getting a mortgage does not have to be stressful. The things that stress out Canadians the most is negotiating a rate and choosing the right term and mortgage product. A mortgage broker is trained and experienced and will act as an advocate for you to get you the best rates, terms and product to fit your needs. Why not leave the stressful elements in the hands of a professional who is used to fighting for the best rates and mortgages based on years of experience and wide range of lenders?
A mortgage broker can protect your financial interests and work within your goals, credit rating and needs to get the best deal for you. You can also get access to his/her wide range of mortgage/loan knowledge, by asking lots of questions and getting help in choosing what is best for you and your finances. A mortgage broker can take the stress out of mortgages and loans. Why work with a mortgage broker? Learn more here.
How much money can you afford to borrow? It is always risky to borrow the full amount for which you have been approved. If the interest rates went up by 1%- 2%, could you still afford your home? How many debts do you carry now? It is important to save up a down payment to reduce the overall size of your mortgage and get you a better deal on the mortgage terms. Is your job secure? Can you handle owing the large sum of money you need to borrow to buy your home? Are you responsible with your money? What is your credit rating? If you never pay your bills on time, you can still get approved, but the best mortgage rates are reserved for those with solid credit rating. It is often better to do what you can to fix your credit first and delay buying for a few months. In the end, you have to do what is best for your needs and those who depend on you.
When you are going to buy a home, it is wise to get pre-approved so you know how much you can spend. Choose a good property in a desirable neighbourhood that will have room to appreciate in value over the years. As long as you choose carefully, real estate has generally been shown to appreciate over the years, while values fluctuate up and down according to the real estate market. Timing is important, as real estate values do go up and down, but buying a good home in a desirable area is wise if you want the value of the home to appreciate.
Do your market research, see what else is selling, don’t over-spend and understand all that you are taking on, including elements such as property taxes, strata fees, repairs, maintenance, landscaping costs and more. It is easy to fall in love with the perfect home, just ensure you see the full picture before you jump into a purchase.
Bank turned you down?
Even if the bank turned you down, you can often still get funding through working with a mortgage broker. Since a mortgage broker has access to a wider range of loan and mortgage products, they can help find the product that fits you best, give you advice on how to repair your credit, and take away some of the stress!
Feeling stressed? One Stop Mortgage Corp can help!
The team at One Stop Mortgage Corp is here to help. Since 1994, they have been helping people find the best mortgage and loan product that fit their lives, goals, credit rating and needs. The team of mortgage brokers at One Stop Mortgage Corp can help you get the best rates, terms and mortgage product to suit your needs according to your credit rating, stated income and other financial measures that go beyond what a bank can offer.
Bank turned you down? Give the team of Mortgage Brokers at One Stop Mortgage Corp a call to find out how they can help you. Mortgages don’t have to be stressful, and working with a mortgage broker at One Stop Mortgage Corp will help you to better understand mortgages, get you the best rate you can get based on your finances, and provide you with answers to your mortgage and financing questions.
A simple phone call to 1-877-874-8988 or 604-874-8988 or an email to email@example.com can change your life today with instant approval to get the cash you need today.
1 877 874 8988 (toll free)
604 874 8988
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