As a Calgary mortgage broker, Verico iMortgage Solutions has access to many of Calgary’s best mortgage rates. Whether you are looking to:
- purchase your first home
- purchase your next home
- finance an investment property or second residence
A home purchase is usually the single largest investment you make. You want to ensure that you are getting the best mortgage available!
Ask yourself these 3 questions to find the best mortgage for you:
1. How long do I plan to live in this home?
This is probably the most important question. If you plan to buy a home to fix up and sell then you need to arrange a mortgage that doesn’t have any penalties when you sell. A short-term, open mortgage or line of credit might be the best mortgage choice.
2. Do I plan to make any improvements to this home?
Under certain circumstances, a lender will help you finance the improvements within the mortgage. This way you can make the improvements sooner and potentially save money on high ratio insurance premiums.
3. What is my risk tolerance?
You might consider this more of an investment question but a mortgage is probably your biggest obligation. If you are comfortable with an investment going up and down, then you can consider a variable rate mortgage. If you are not comfortable with your investments going up and down, then you should choose a fixed rate mortgage.
There are many great and different mortgage offers available. To know which is best ask yourself the questions above and then discuss with a professional. A mortgage broker can help you to explore the different mortgage options and offer choices so that you can make an informed decision.
Four Reasons to Work with a Mortgage Broker to Find the Best Mortgage Rates
1. Save Time
It takes time to call your local lenders and search the internet for mortgage rates, information about the types of mortgages, and consider the options and choices that are available.
As mortgage brokers, we work with over 30 lenders every day. We are aware of all the products available and know when new products coming into the market, and know about the old products that may not be available for much longer. We can explain the differences between each lender, their requirements, and the various policies.
You can gather all the information you need to make an informed decision with a 1-hour consultation, rather than spending a couple of days calling different lenders at different branches, and reading and researching different websites online.
2. Save Money
When we think about saving money, we think about the lowest rate! And YES, a mortgage broker can help you to find the lowest rate.
BUT sometimes the lowest rate isn’t always the best rate! It’s important to understand the terms associated with those low rates. Your ability to refinance the mortgage, pay it out early or pay it off faster, is just as, or more important!
A Calgary mortgage broker will not only help you to find the best mortgage rate but will also help you to find the best mortgage with the best mortgage rate that fits your needs!
3. Unbiased Advice
An independent adviser has access to over 30 lenders and even more products. With so many products available, there is a much better chance of finding the right fit for your needs.
When you approach a bank for a mortgage, the bank will try to squeeze you into the products they have rather than being accommodating to your needs. However, when you approach a mortgage broker, the broker takes the time to understand your needs and find the product that best matches them.
For a broker, the compensation for the different products is very similar, therefore there is little monetary benefit for recommending one product over another. In fact, there is more reward for recommending the product that fits you just right.
4. Negotiate Interest Rates
When you approach a lender for a mortgage and negotiate the interest rate, the lender will base their decision on your current business dealings (that is, how much money you have at the bank, and how profitable you are to them now) and potential future business (how much more profitable you will be to the lender in the future).
When a mortgage broker approaches a lender on your behalf, the lender knows that he is competing with other lenders and will want to offer the best rate or risk losing your’s and the mortgage broker’s business. In addition, the lender will also rate the mortgage broker based on the amount of business that he provides to the lender. Some lenders will offer additional discount’s to some mortgage broker’s clients because of the volume of business that the mortgage broker refers. That’s a win for you!
Therefore, when you work with a mortgage broker you will have more choice of the lowest rate and best mortgage to fit your specific needs.
Urban Myth #1
Mortgage broker’s charge for their services. No, there is no fee to you for using our services. Mortgage brokers are independent and usually earn a commission from a lender when the mortgage is finalized and funded.
If, however, the mortgage broker doesn’t receive any compensation for helping the client arrange the financing, then there will be a small professional fee. In these circumstances, the fee is always explained up front and is not a surprise at the end of the process!
For a no-obligation conversation with a Verico iMortgage Solutions Mortgage Broker, contact us.
- You will receive a 60-minute, No Obligation Consultation
- You will receive at least two recommendations for mortgages and lenders that fit your needs
- You will walk away knowing more about home financing and will clearly understand your options
Urban Myth #2
A mortgage broker only deals with clients who have bad credit. While we can help clients who have bad credit, we can also help client’s who are self-employed and those that haven’t paid their income taxes for a couple of years.
Verico iMortgage Solutions has access to many lenders who are less concerned about an applicants credit. If a mortgage broker can’t help you to arrange a mortgage, then no one can (except perhaps the bank of “Mom & Dad”).
We also help client’s who have excellent credit. Many banks take their clients for granted. And they don’t offer their clients the best mortgage rates if they don’t have to. By working with a mortgage broker, you can get the best deal and you know that there is someone on your side who has the expertise to help you negotiate and get a great deal.
What is a Mortgage Broker?
A mortgage broker is an independent, trained professional who is licensed to represent you! That means we provide you with the best advice for your specific needs. Unlike a banker, a Calgary mortgage broker’s primary expertise is to locate the best mortgage for his clients.
Mortgage Brokers Aren’t Bankers
- We do not open and close bank accounts.
- We do not open RRSP’s and Investments or offer Investment and Mutual Fund Advice.
- We do not have a limited supply of mortgage products to offer our clients.
At Verico iMortgage Solutions, we will work hard to find the best mortgage rates in Calgary for your specific needs!
So what’s the next step?
For a no-obligation conversation with a mortgage expert and to find the best mortgage rates available contact us. We’d love to help you make your dreams a reality.