Mortgage brokers are a buyer’s advocate
An Alberta mortgage broker can provide services a step outside the average loan officer and a serious buyer needs to consider this. Unlike loan officers that work only for their lending institution, a mortgage broker is basically your partner. Because they do not work for any bank, they have access to a wide selection of rates and the expertise to match a buyer with the best one.
An Alberta mortgage broker is a one-stop resource that will handle all negotiations with the lender, fill in the necessary paperwork, and make sure the buyer does not end up paying unnecessary fees. They receive a commission from the lender and this sometimes adds an additional cost to the loan. Seeing as they take on most of the hassle of obtaining the loan, this commission is not very significant.
How do mortgage rates work?
A mortgage rate is the rate of interest to be paid on a mortgage loan expressed as a percentage of the overall amount. The buyer gives the bank interest in order to obtain funds. The rock-bottom interest rates have not been favorable to the banks but they have had the desired effect of enticing potential borrowers.
Economic forecasts seem to show the low rates are set to climb high sometime in the next year. This is why, if you are thinking about purchasing property with the help of financing, now is the time to start speaking with an Alberta mortgage broker.
Finding a mortgage and a rate that fits
Potential homebuyers need to ask themselves honest questions concerning future life plans, investment goals, and how their current finances fit these goals. As all brokers have different strengths to offer, you can feel free to keep looking if you don’t find the right one right away.
Advocating for your conditions and ensuring that your voice is heard is what your Alberta mortgage broker will set out to accomplish. In the end when you sign the papers on a rate that fits your finances and plans exactly, the care you take will be more than worth it.