Rosemary Papp

With over 36 Years Local Experience to Serve You

778-834-8021

 

The holidays are almost here and you may have a long list of people to shop for. In fact, you may spend hours looking for the perfect gift for that special someone, or days searching for the most flattering party outfit for yourself. But how much time do you spend looking for the perfect mortgage? Considering it's the largest financial transaction you'll probably ever make, the answer is likely, "nowhere near enough time".

A previous survey conducted by Zillow revealed that the typical borrower spends only five hours researching their mortgage or home loan, the same amount of time as they spend researching their next vacation, and half the amount of time they spend researching their next car!

Lenders offer different types of mortgages with different terms, conditions and interest rates. As you would for any other consumer good or service, comparison shop for your mortgage and make sure you understand what's being offered. While it may be tempting to make your decision solely on interest rates, compare all the different mortgage features, such as prepayment options, that could save you money in the long run.

Let's talk about your housing wants and needs, and the benefits of getting pre-qualified for your housing loan. Confirming your budget prior to starting the homehunting process will allow for a more realistic and more enjoyable home-hunting process.

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PhotoMaking a misstep in the process of shopping for and securing a home loan can be costly. Fortunately, many mortgage mistakes, such as those listed below, are easily avoided.

 

  • Not checking your credit. Mistakes on credit reports are not uncommon. Left unaddressed, they can slow the mortgage application process or stop it altogether, potentially costing you that property you want. Financing based on incorrect information can result in a much higher interest rate, so be sure to fix any errors on your credit report well before home hunting or applying for a loan.
  • Not shopping around for a lender. While many homeowners stick with their current lender when purchasing their next home, loan structures – rates, terms, fees – may have changed significantly since you last applied for a mortgage; comparison shopping can potentially save you thousands of dollars.
  • Choosing a lender based solely on interest rate. Terms and fees (e.g. prepayment penalties) may seem insignificant by comparison, but they can have a much bigger impact on the overall cost of the loan; ignore them and you could end up with a loan structure that doesn't suit your needs, and costs you much more than you bargained for.
  • Getting pre-qualified rather than pre-approved. Pre-qualification allows for an estimate of what your bank may lend you; pre-approval is a more formal process resulting in a firmer commitment from your lender. A buyer who's pre-approved is in a stronger position than one who is pre-qualified, and can act more quickly upon finding the right property.
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Direct: 778-834-8021
Toll Free: 1-888-707-3577
Rosemary's Email: rosemary@homesinlangley.ca
RE/MAX Treeland Realty
#101 - 6337 198 Street
Langley BC V2Y 2E3
www.HomesinLangley.ca