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Have you ever experienced a situation where you thought you were doing the best thing possible and then found out later that your decision had cost you money?
Applying for a mortgage can be just like that... can I explain?
Many of us believe that the banks that we frequent do not want to lose our business and so they will provide us the best possible rate because we have been with them for a very long time and we have a great relationship with the person in the branch... and they are really nice so they will automatically give us the best rate. Did you know this is not entirely true? | |
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To be able to provide you with that branch location, that person in the branch behind the desk, it costs them money. It costs them money every day, if they provide a mortgage or not. This means that they have a great deal of fixed costs. With the profits that banks are making today you can see that they have done a great job of ensuring they are not "giving away the farm" when they provide the rates to you.
Because a Mortgage Brokerage only gets paid when the bank funds the mortgage it costs them considerable less for each mortgage. The bank rewards the Mortgage Brokers with lower rates to entise them to send them new clients. They know that many Canadians are complacent and will do what feels most comfortable. Most Canadians will go into their branch, speak with that nice person behind the desk and pay a little more because we are nice Canadians. They also know that some small percentage of the borrowers will go to a Mortgage Broker to "shop the market". The banks that want to increase their book of business, and attract new clients, will provide great rates to the Mortgage Broker. Therefore, don't be surprised when a Mortgage Broker is able to beat the rates your bank will give you. |
If the lowest rates & best terms are important to you, CLICK HERE NOW.
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Mortgage Information
If you're like most buyers, a home is the most expensive purchase you'll ever make, and you'll probably need some form of financing.
There are many lending institutions that offer a variety of mortgage products. Financing options and rates can vary widely, so it is important to do your research and shop around to ensure you get the mortgage that best meets your needs at the best price.
I would be happy to refer you to some very good mortgage contacts I have in Edmonton, or to help you in any other way I can to secure the best possible rate for your home purchase.
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Use the mortgage calculators below to assist you in making some decisions around financing your new home.
Mortgage Qualification Calculator
This calculator will help you determine how much money you qualify to borrow. The results are informal. You will be subject to a credit approval from your financial institution taking into consideration existing debt load, amount of down payment, income and other variables.
Mortgage Payment Calculator & Amortization Table
This calculator will help you determine what your mortgage payments will be based on purchase price, interest rate and mortgage term, as well as other factors. The amortization table shows what the interest and principal payments will be over the term of the mortgage. | | |
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