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Thursday, 14 March 2013

Mortgage shopping has never been easier

For those getting ready to purchase their first home, renew an existing mortgage, or refinance to take advantage of existing equity, saving money on interest is the easiest it's ever been. The Internet gives us a wealth of information, right at our fingertips, including where to find qualified mortgage professionals to assist with finding the right mortgage.

A recent report from Google found that when one of the major Canadian banks announced a new low mortgage rate, searches for the term "mortgage" increased by 50%. With spring well on the way, Canadians are getting ready to start hunting for that perfect property, and the perfect mortgage to go along with it. Ask any Mortgage Broker and they will tell you a low mortgage rate is important, but they will also emphasize you need to choose the mortgage with the right terms for you. Discounted rates are great, but if you're looking to pay your mortgage aggressively and the mortgage with the low rate doesn't allow pre-payments, you've likely chosen the wrong mortgage. This is just one of the many reasons Mortgage Brokers are rising significantly in popularity. A study from the Canadian Association of Accredited Mortgage Professionals (CAAMP) reported that 47% of Canadians who took out a mortgage in 2012 consulted a Mortgage Broker. However, only 27% of those renewing a mortgage sought the advice of the same professionals. After a 5 or 10 year term, your needs are sure to be different than they were when you first signed your mortgage, so why not consult a professional, even to simply ensure the terms and conditions of your existing mortgage are still suitable, especially when the service they provide is of no cost to you?

Click here for the full article from the Financial Post.

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