Tips When Looking for a Home Mortgage in Kitchener
With property prices rising in Ontario it may be in your best interest to procure a home mortgage in Kitchener. If you are planning on staying in the area for more than a few years or have a growing family, then building equity in a home would be the right decision.
Which Mortgage is Right for You
One of the biggest misconceptions out there is that all mortgages are pretty much the same. While the amount of money you borrow may be the same, what you pay back could be very different. Since a home mortgage in Kitchener represents a large commitment don’t navigate this area on your own, but get professional help.
Mortgage Broker or Mortgage Specialist
A term you may have heard before is a mortgage specialist, this is a term that banks use for their unlicensed representatives. A “mortgage specialist” is not the same as a mortgage broker. A mortgage broker works on behalf of their clients to secure the most competitive mortgage terms possible. These brokers are loyal to their clients. While the mortgage specialist primary focus is to promote the mortgages being offered by their respective banks.
Another key difference of working with a mortgage broker in Kitchener is the qualifications that these brokers are required to possess a considerable amount of knowledge. Not only are these mortgage brokers required to possess the required knowledge but must pass background checks. The term mortgage broker is a registered title which cannot be used by a person unless they are authorized by FSCO.
How to Save Money on Your Mortgages
When you have found a broker that specializes in Kitchener home mortgages, there are some steps to save money on your mortgage.
- Maximize Your Down-Payment. You may be able to borrow money from your RRSP to put towards a down-payment on your home. The more money you have to put towards a down-payment, the less interest you’ll need to pay. You will be required to repay your RRSP but there are no penalties incurred.
This is just one way you can save money on a home mortgage in Kitchener. Speak with your mortgage broker to find out all of the options that are available to you.