Are you ready to buy a property? To obtain a mortgage for your home purchase, you can get the expert assistance of a mortgage broker, free of charge.

For most Canadians, a home purchase is the most important financial transaction in their lives.  In order to make home ownership come true, it is best to work with real estate professionals such as a mortgage broker to guide you throughout the process.

A mortgage broker ensures that a client is aware of his mortgage options and secures the best mortgage rates for a home purchase.  This critical step provides a home buyer with home financing to close the deal.

Fill-out our online request form and connect with mortgage experts in Drummondville.

Best mortgage rates with mortgage broker in Drummondville

A mortgage broker can easily get you the lowest rates for all types of mortgage products in Drummondville.

Whether from a bank or a private lender, your broker can ensure you get the best rates for pre-approval, renewal, or refinancing a mortgage.

A mortgage broker is your best ally when buying a property.  Since he works with various financial institutions in Drummondville, he can find mortgage products that suit your needs to ensure your successful home purchase.

Our team of mortgage brokers serve all of Drummondville:

Unlike a bank, a mortgage broker is not limited to a single establishment for mortgage options.  He has a wide network of banks and private lenders you can choose from.  Most importantly, he can answer all your pressing questions about your mortgage and will ascertain how much you should borrow.

Every home buyer needs a Mortgage

In Canada, every home buyer, even the wealthy ones, need a mortgage.  A mortgage is a loan which is used to purchase real estate and is secured by the property.  It makes good financial sense to obtain a mortgage because mortgage interest rates are really low right now.

When obtaining a mortgage, it is prudent to shop around and compare rather than jump at the first mortgage approval.  While a few points difference in interest may seem insignificant, due to the high amount of the loan, it can translate to thousands of dollars in savings over the term of the loan.

We know you need a mortgage to buy a house. Did you know that you also need a mortgage broker? While you can find your own mortgage without professional help, mortgage brokers offer much lower mortgage rates than any bank.

How much do you need for your mortgage?

One of the most critical information you need to determine when applying for a mortgage is how much you need to borrow.

Below are certain steps to help you calculate your mortgage needs.

1. Know your financial situation.

It is important for you to sit down and assess your accurate financial situation.  Your mortgage broker will be able to assist you with his knowledge of the real estate market.

• What is your paying capacity? (salary, income, debts)
• What is the home price and the expenses related to closing? (legal fees, inspection fees, potential repairs or renovations, moving expenses, etc.)
• What expenses will you incur for your property annually? (utilities, maintenance, taxes, insurance)

2. Understand the types and features of various mortgage products.

When you have become familiar with the various types of mortgages, your broker will inform you of their characteristics and options related to your loan application, refinancing, or renewal.

• Type of mortgage loan: conventional, closed, open, subsidiary or mortgage refinancing
• Rate: fixed or variable
• Term and amortization period
• The ability to borrow an amount greater than the value of the property
• Programs such as the Home Buyers’ Plan (HBP)
• Early repayment options

3. Choose the right mortgage broker when you compare free mortgage quotes online.

Please keep in mind that buying a house is one of the most important transactions of your life.  A broker can make all the difference and save you thousands of dollars … free of charge. Best mortgage quotes in Drummondville will connect you to a mortgage broker in your area for you to choose from.

Real Benefits of Getting a Mortgage Through a Mortgage Broker

Best Mortgage Quotes is not a financial institution or a brokerage agency.  Rather, it is a web platform that helps to connect prospective home buyers to reliable mortgage brokers who can assist with mortgage needs.

Our network of mortgage brokers and partners are in Drummondville as well as across Quebec.  They specialize in mortgage lending with banks and private lenders for mortgage pre-approval, renewal, or refinancing.

Some of the real benefits of working with mortgage brokers are:

• Expert and professional advice regarding mortgage matters
• More choices and options with lenders, mortgage products, and rates than from a bank
• Flexible and convenient scheduling of meetings/appointments
• Assistance throughout the entire mortgage application process
• One-stop shop for all kinds of mortgage and real estate needs
• Free professional services as clients do not pay fees or commissions

Why take on the burden of finding the best mortgage on your own when you can have a mortgage professional working for you free of charge?

Mortgage brokers are monitored and regulated by the OACIQ which assures you that they adhere to the highest standards of ethical practice and integrity.

How to Choose the Best Drummondville Mortgage Broker

For a first-time buyer, it can be very stressful and confusing to shop for a mortgage.  If you approach a bank, they will sell you the mortgage that favors them best and try to give you rates that benefit them.

For this reason, a mortgage broker can really take the stress out of mortgage shopping.  He will be the one to shop for the best products and rates that suit your needs.  He will take the time to explain to you thoroughly the various mortgage options from different lenders, not just 1 lender.  This means you have more choices so you can really choose the right type of mortgage.

How do you choose the best mortgage broker in Drummondville?

Mortgage brokers are licensed and knowledgeable about the mortgage industry. However, each mortgage broker works with a set of lenders.  The best way to choose a mortgage broker is to compare their mortgage proposals and see which one appeals to you most.

A mortgage broker who offers even just a slightly lower rate can help you save hundreds of dollars a year.

Further, it is important for you to feel at ease with your broker so you can ask him all the questions you have about your mortgage and disclose your personal information relevant to the application.

Obtain your free mortgage quotes by filling-out a short online request form to connect with multiple brokers in your area.  Compare them, speak to them, and feel free to choose the best broker for you.

What are your Mortgage Options?

It is the Canadian dream to own a home. To this end, it is critical to know what are your mortgage options and how to qualify for a mortgage.

Down-Payment Requirements

The minimum down-payment required for a home $500,000 and below is 5%. The amount in excess, until $999,000, requires a minimum down-payment of 10%.  However, homes that have less than 20% down-payment are required to obtain mortgage default insurance which will be an additional expense to the homebuyer.

For many Canadians, it can be difficult to save enough for a down-payment on a home. Did you know that you can tap your RRSP account to be used for your down-payment? If you have accumulated RRSP savings, you can borrow up to $25,000 for your down-payment. If your spouse also has RRSP savings, both of you can contribute $25,000 to your down-payment.

This is considered a loan and will need to be repaid within 15 years.  Repayment begins 2 years after you withdraw the funds.

Of course, the most ideal amount of down-payment is 20%.  This means you don’t have to buy mortgage default insurance and you need to borrow less for your mortgage.

Investment Property Mortgage

If you feel you have excess funds that you want to invest in an income property, you may need an investment property mortgage.  This type of mortgage is for properties that have 1 to 4 units.  Most lenders consider this type of mortgage as high risk and you need to show proof that you have the capacity to repay the loan, especially if you already have an existing mortgage.

Not all lenders offer this type of mortgage. A mortgage broker can help facilitate this type of loan and provide you with your best options.

Mortgage Renewal

You may have obtained your mortgage several years ago. Today, interest rates would have probably become lower and your income may have grown considerably.  Further, you may have new goals with regards your property.  If it is time to renew your mortgage, you will need to consider these changes and find a mortgage that suits your present needs.

Your current lender will send renewal papers as early as months before your renewal date.  Speak to a mortgage broker about your options before signing renewal papers.

You are not required to stay with your current lender with they can’t offer you with better options.  A broker will make sure you get a new lender in place.

Residential Mortgage

Finding a mortgage is critical to complete a home purchase.  Don’t get a mortgage in haste in order to close on a home. It is better to start the process with a pre-approval to ensure that you look at homes you can afford and that you have home financing ready when you eventually find your ideal property.

A mortgage broker will help you obtain a pre-approval with the best rates and get it approved for residential mortgage when you are ready to buy a house of your dreams.

Debt Consolidation

If you are having difficulty meeting payments for other debts with higher interest than your mortgage, it may be a good idea to look into debt consolidation.

A mortgage broker can help you consolidate your debts with your mortgage so that you can ease the burden of payments and pay off your debts sooner.

Home Equity Mortgage

Sometimes, we don’t have sufficient money to pay for important expenses such as education or home renovation.

A home equity mortgage lets you tap the equity in your property so you can use the cash to pay for these important expenses.  A lien is added to your existing equity and works like a second mortgage.  If the value of your property has gone up significantly, the bigger your equity at your disposal.

Obtain the Lowest Mortgage Rates in Drummondville

It is quite easy to obtain the lowest possible mortgage rates in Drummondville.

Just fill-out our online request form and we will put you in touch with the best mortgage brokers near you.

Mortgage brokers will shop around on your behalf to obtain the best mortgage terms and rates.

Whether it is for a first home purchase, renewal, or refinancing, our network of mortgage experts will be happy to be of service.