Mortgage rates in Calgary, like anywhere else, vary from lender to lender. When you are looking to get a mortgage, you want to ensure that you receive the best deal for your needs; this requires shopping around and investigating multiple lenders. The footwork required to go to various banks is excessive, not to mention the amount of paperwork you would need to process yourself. Add in all the technical jargon and you will likely find yourself feeling overwhelmed.
That overwhelmed feeling is one of the reasons turning to someone with experience in the field, such as a mortgage broker is a sound choice for most future homeowners. When navigating the waters with minimal experience and knowledge of the field, you are more likely to be taken advantage of. A broker knows how to spot scams and traps as well as how to negotiate on your behalf. Consider the use of a broker extra insurance on what is the most important purchase you are ever going to make.
However, all brokers are not created equal. Within the field, brokers vary in terms of their experience, professionalism, and trustworthiness. When you are purchasing a home, you are signing up for a long term commitment, once which can impact your credit rating and overall quality of life. As such, you want to make certain you put the process in the hands of a broker with a track record of high performance and who values professionalism and honesty.
With that said, you may be wondering how you can determine if a broker is the right fit for you. Here are a few things to evaluate in your search to help you.
- When you have your first meeting, pay close attention to your comfort level. Feeling nervous isn’t a sign that you should run away—you are about to make a life-changing purchase so nerves are normal. However, if you find yourself feeling pressured, ignored, or otherwise uncomfortable, you should continue to shop around. Without comfort, there is not trust, and trust is key in this relationship.
- If the broker pushes you to make financially unwise decisions, you should walk away. Such decisions include prodding you to sign for a loan that is for more than the purchase price of the house, take on monthly payments greater than what you can comfortably afford, or asks you to deed your house to another person.
- During the process, your broker should be fully transparent with you. Everything should be explained in terms you can understand—not technical jargon—and you should be given copies of all signed documents as well as mandated disclosure agreements. If you do not feel as though the broker is as transparent as you desire, request that he or she open up more. If you are refused, look for someone else to continue your pursuit of homeownership with.
- If the broker does anything which feels dishonest to you, it is best to move on. Such actions might include asking you to lie on applications or requesting that you sign blank forms.
Once you begin the process, it can be painful to walk away. Just remember, not walking away could have dire consequences for your future.
If you are ready to begin the homeownership process and would like to enlist the services of a broker, contact us at 403-870-2669. With over ten years in the business and an intimate knowledge of banks, you can trust that we will get you the lowest mortgage rates in Calgary.