By ratehub.ca and Barry Nestransky
It’s important to receive a mortgage pre-approval prior to starting your hunt for a home. A mortgage pre-approval gives you an idea of how much a lender is willing to finance and how much you can spend. A pre-approval also locks in the current interest rate for up to 120 days, insulating you from rate hikes in the near future. A mortgage pre-approval is even more important to obtain in a seller’s market. A pre-approval allows for you to be informed and enables you to act quickly with the ability to submit a strong offer.
In Canada, mortgage brokers are becoming more popular than ever, and are often a better choice if you’re looking for the lowest possible mortgage rate.
What is a Mortgage Broker?
A mortgage broker is a one-stop shop for mortgages. Unlike your local bank branch, which can only offer you a mortgage (and mortgage rate) from their suite of products, mortgage brokers have access to many different lenders. When you make an appointment with a mortgage broker, it’s like you’re making an appointment with the major banks, credit unions, and trust companies, except you only need to meet with one person. A mortgage broker has access to products from multiple lenders of different shapes and sizes, which means you have access to these products as well.
If your financial situation is a little unique, don’t worry. A mortgage broker’s job is to match you with the best lender for your financial situation. So even if you’re a full-time freelancer, or you’ve had credit issues in the past, a mortgage broker can still work with you. If you’re having trouble receiving a mortgage approval, a good mortgage broker can sometimes use their relationships to get you one.
What are the Benefits of Using a Mortgage Broker?
Easy to Use: Brokers are a one-stop shop.
Free: Brokers are paid by lenders, not by you.
Better Rates: Brokers have access to more, and lower rates.
Access to More Lenders: Brokers make it easer to compare multiple lenders.
Expert Advice: They live and breathe mortgages, and can help you navigate.
Independent: Good brokers want you to get the best rate possible, regardless of your final lender.
Canmore & Banff Mortgage Brokers
Here is a list of Canmore and Banff mortgage brokers that may assist you with your mortgage questions and needs. Click their name to be directed to their website. Note that Barry Nestransky is not an affiliate with nor receives any commission from these or any mortgage brokers.
Greg Foss | Mortgage Connection
403-352-4183
greg@mortgageconnection.ca
Trisha Isaac | Quantus Mortgage Solutions
403-688-0166
trisha@canmoremortgagesolutions.com
Heather Petecky | Quantus Mortgage Solutions
403-688-3716
heather@banffmortgagesolutions.com
Garth Lyon | CML Canadian Mortgage Lender
403-678-9988
garth.lyon@cmlmortgages.com
Shannon Hendrikse | Mortgage Intelligence
403-707-7485
shannon@canmorebroker.com