applicable are going to take a chunk out of your monthly income. Also utilities, homeowners' insurance, & mortgage insurance all need to be considered. Some people have been known to spend months looking for the best possible home and eventually do find a good one. However, many of these individuals fail to understand the importance of finding a good mortgage. In the end, the new homeowner has a nice home, but a bad deal when it comes to the mortgage.
Bank or Mortgage Broker
There is no right or wrong answer on whether to deal directly with the bank or use a mortgage broker just be smart either way. Don't assume the bank you have dealt with for years will automatically give you the best deal, you need to know what current rates, payout penalties, etc. are be offered out there. I've seen situations where the bank said, "this is our best rate". The buyer shopped around found a better mortgage and then oddly enough the bank then matched it. I find the best way to deal with the bank is to work with a mortgage mobile specialist that deals in "mortgages only" for the bank. The mortgage specialist tends to work on getting you the best rate the bank has to offer. Banks can also bend rules a little to make it work, after all they are the bank, right? Mortgage brokers in Alberta are licensed professionals that are required to represent you. Their job is understanding your finances and goals and work on matching a lender to your situation. Most brokers work with 40 or more lenders so they can shop for you. They also act a liaison between you and the lender almost like creating a job resume for you. When you borrow money, the borrower does look at you like a partner, so they like to look at everything about you as part of their decision, it's not just income and credit score they consider.
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