A mortgage broker is a certified professional who seeks the best mortgage rate and terms for you by accessing a network of lenders that included major banks, trust companies, credit union and financing companies. (Brokers may also draw on local lenders that are not part of a network). This network of lenders provides brokers with interest rates on a daily basis.
There are a number of reasons why using a Broker to secure your new mortgage is the better way to go.
1. One Credit Check
When you’re shopping around for a good mortgage, every application to a lender means another credit check; which can hurt your credit score. With an Independent Mortgage Broker, there’s only one credit check that gives you access to dozens of banks, credit unions, and other lenders.
2. Access to Lenders
Traditionally, a home-buyer really only has access to banks and credit unions when looking for a mortgage. With a Mortgage Broker you have access to dozens of lenders that reach beyond just the banks. That’s more options, more rates to choose from, and more flexibility when it comes to your mortgage.
That access to many more lenders than would be readily available to you the consumer, also means that even if you don’t hav perfect credit we can often still find you a great deal and help you buy the house of your dreams. We can negotiate with lenders to find you the preapproval amount you need and a good interest rate.
Borrowing money, for whatever reason, can be an extremely daunting task. There are so many details to be aware of to ensure a satisfactory financial arrangement. Mortgage Brokers are well aware of the ins and outs of the industry, and work for you, the client, always keeping your best interests at the forefront.
For most clients, our services cost you nothing (O.A.C.). The lenders pay our brokerage fees.
Interest rates and terms are specific to each individual, based on their personal credit history.
To ensure you the best rate possible, it is best to contact your mortgage broker at least 4 months before you consider the purchase of a new home. The same time frame applies when it is time to renew your mortgage. In most cases your mortgage broker can guarantee a given interest rate for 90-120 days with the understanding that, should rates drop during this period of time, you will receive the lower rate.
Property taxes are an annual local government tax on real property or personal property based on a tax rate or mill rate and are the responsibility of the individual property owner to pay.
There are two recognizable factors on which property tax in Canada is based. One is the assessed value of the property, which is evaluated by the local authorities. The other factor is the property tax rate, which is fixed by the municipality or the local authorities handling taxes.
In the City of Winnipeg your property tax can be paid annually, monthly (collected by your mortgage company with your mortgage payment—P.I.T.), or, through the Tax Instalment Payment Plan (TIPP) available through the City of Winnipeg.