Our parody on the Twelve Days of Christmas continues. We dare you not to sing them out loud!
Five golden kings! (of finance that is!)
Four house plans to choose from,
Three French city planners,
Two steel-toed boots,
and a journal for my hopes and dreams!
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Making sure your hopes and dreams are within your budget falls into the realm of financing. Do yourself a favour and take some time to do some homework about your financing options. The CHBA offers a brief overview on Working with Lenders
Shop for a mortgage in the same way you shop for any other product. Banks, trust companies and other financial institutions are offering more ways to finance a new home purchase than ever before, so it is a good idea to do some checking before you make a final decision.
Get information
The Internet. Mortgage lenders and insurers offer a wealth of online information about the borrowing process and financing options.
Printed information. Most lenders have a wide range of brochures and worksheets. Drop in at local branch offices for copies of these materials.
Personal consultation. Make an appointment with a mortgage specialist to discuss your buying intentions and get mortgage pre-approval. A growing number of lenders offer flexible business hours, including evening and weekend meetings.
Professional new home builders. Larger companies, in collaboration with financial partners, may offer mortgages to their customers at preferential rates. Mortgage experts may be available in show homes during peak hours. At a minimum, your builder can refer you to lenders.
Choose your lender…
Your relationship with your lender should be based on confidence and personal comfort. You want to get your mortgage from someone who clearly knows the mortgage business. Someone who takes the time to understand your needs and can answer all your questions. Someone who will pre-approve your mortgage and is committed to working with you throughout the buying process.
Don’t hesitate to visit several lenders. Ask questions about options, features and services, and compare the answers. Then choose the lender that’s right for you.
…or work with a mortgage broker
A growing number of home buyers are opting to arrange their financing through a mortgage broker. Mortgage brokers have access to a wide range of lenders (e.g. banks, trust and life insurance companies, credit unions) and will in essence “shop around” for you for the best possible mortgage to fit your needs. Usually, you will not be charged a fee for this service, as brokers are paid a referral fee or commission by the lender.
Article source: Canadian Home Builders Association
Stay tuned for all 12 days or look at the full 12 days of building series for articles you may have missed!
Happy Holidays!
