Getting an Awesome Edmonton Home Loan

Getting an Awesome Edmonton Home Loan

Most people need a loan to purchase a property and knowing what to look for will help you get a home loan that is right for you. The process of buying a home can be overwhelming because of all the steps, including where to look, who to turn to, which loan to take and familiarizing yourself with the conditions involved. Working with a mortgage broker will make a big difference because their expertise will allow you to enjoy the experience.

Many people choose to get their loan from a bank, although this is not the only option available and you can look at other lenders who can often provide a lower rate. Going through a financial institution is only one option, so do not feel as though you have to proceed with this route because you can choose to hire a mortgage broker if you prefer. If your financial situation is complicated and not exactly ideal, a mortgage broker will be able to help, whereas a bank may decline your request. Mortgage brokers have a lot of connections to different lenders and will walk you through the process to determine which loan is best for you. Take the time to look at both a bank and a broker to see which option makes more sense for you.

Consider whether or not there may be any changes to your financial situation because this will help with your decision in terms of the type of loan you should go after. An adjustable rate is a good option if you are expecting an increase in your income, whereas a fixed rate is the way to go if you are experiencing instability at work and feel uneasy with your job. Think about this aspect long and hard so that you make the right choice based on your personal situation. You will also have the option to lock your mortgage rate for a specific period of time, which can cost you a little more at first; however, it will keep you protected if the rates increase, which will save you money in the long run.

Do not be afraid to negotiate because while you may not be able to do much in terms of the loan, you can negotiate other aspects. For example, you may be able to get your lender to waive the application fee or other fees that can lower the costs of the process. Ask for a list of expenses and determine which ones could be eliminated. Your lender will generally work with you in this regard, so do not be afraid to ask.

Collin Bruce will ensure your home buying experience is a positive one and can help with all of your mortgage needs. Whether you are a first time home buyer, need to refinance or are interested in a second mortgage, we can help, so if you are in the Edmonton area, give our office a call today!