Finding the right mortgage is as important, or perhaps even more important, than finding the right house. The difference between mortgages can be as small as a few hundred dollars in the bank or as large as a trip to San Fernando Valley bankruptcy lawyers because you can't make your payments. Therefore, when you're getting ready to buy a house, you should always consult with a real mortgage specialist. But who are these people, and how can you find one in Chesapeake that will help you? Read on to find out more.
A mortgage specialist is nothing more or less than someone who deals exclusively in mortgages. He or she doesn't have anything to do with business loans or insurance or opening new accounts - only with finding people ways to finance the purchase of a Mississauga condominium. Usually mortgage specialists work for banks. They have offices in the back of the bank behind the teller windows and generally you can't just walk in and see them. You need to have an appointment.
When you've decided to look for a house for sale in Markham, your first stop should be your own bank, the one you've had the most dealings with. Your regular bank officer should be able to refer you to their mortgage specialist (if they have one). If they don't, you'll need to visit another bank. You should always shop around to all the mortgage lenders to see who has the best rate, but since your existing bank will be eager to keep your business, they may offer you a deal.
To determine if a bank has a mortgage specialist, you can call the branch or you can go online to the bank's national website and use their mortgage specialist search feature. If you and your Oshawa realtor have to go for a bit of a drive to get there, it's worth it. Alternatively, some banks, like Toronto Dominion (or TD), have what are called "mobile mortgage specialists" who will actually come to you. If your town's bank doesn't have a specialist, you can always order the services of a mobile one if there's one within range.
Another type of mortgage specialist is a mortgage broker. Brokers basically compile a big list of all the types of mortgages being offered by different institutions and will do your shopping around for you. This is a good option if you don't have much time, but remember that these specialists get their payment from banks, so they may lean on you to choose whoever gives the best commission. Also, when you're looking for two mortgages: commercial and residential, one broker can help you, while you'd probably have to see two different people at the bank.