Obtain a detailed description of the exact mortgage program that your broker is offering. Since many people go to Ottawa mortgage brokers for specialized mortgages that are not as straightforward as, for example, a standard 20-year fixed-rate loan, it is particularly important to know what you want and understand if that is the mortgage you are being offered. That way, you can compare competing rates, fees and details on an equivalent basis.
Ensure that you get a detailed mortgage estimate and check it carefully against your final bill before closing the deal. Mortgage brokers are sometimes paid by both home buyers as well as the banks and other lenders who underwrite mortgages, so it is important to carefully examine the documents to ensure that your broker is not over-charging.
Locking-in a mortgage rate with an Ottawa mortgage broker can be problematic if you are not careful. Obtain proof in the form of a signed document that the rate has in fact been set as agreed upon. Remember that this needs to occur during the business day for a mortgage rate to be locked-in for that day. Missed calls, faxes or emails can delay the transaction and leave you with a higher rate if you are not paying attention.
When initially searching for an Ottawa mortgage broker, ask around for referrals from trusted sources. While a charming personality is pleasant, what you really need is a broker that is business-like, fast and efficient, and who can find you the best Ottawa mortgage rate possible, at the lowest cost. For extra insurance, check to see whether your mortgage broker has previously faced regulatory problems, for example. Even if the broker offers a competitive rate, it may not be worth the risk of dealing with someone who has previously been the source of problems.
The links below will provide you with a variety of calculators, pre-set with the most current lending criteria determined by Canada Mortgage and Housing Corporation (CMHC), to help determine what your costs are, and what you can afford. You can also review the most current mortgage rates published by 40 of Canada's most prominent banks and other lenders. Your Ottawa mortgage broker should be able to negotiate a better rate than those published.
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