Hi

Presently we are shopping around for a suitable mortgage broker who can get us pre-qualified with good interest rates.
We are planning to buy our first house, and most probably we will be finalizing the deal this winter and move in latest by April 1st, 08.

Pls. email me with contact details at: supnup at rediffmail dot com

Cheers
Nupur

Nupur,

You obviously are doing the things the right way by wanting to know how much you can afford before you venture into "buying mode". Your REALTOR will be able to refer a few brokers he/she deals with regularly and leverage his business relationship to enable you obtain best possible rates. However, please do remember that the rates are dependent on several factors and your credit rating and down payment are a couple of them.

Good luck with your shopping!

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Rajeev Narula, Broker, REALTOR®
ACE TEAM REALTY INC., Brokerage
10 Kingsbridge Garden Circle, Suite 704
(Opp Square One - HWY10/403)
Mississauga, ON L5R 3K6
Bus: 1-888-355-3155 Ext. 300
Fax: 1-888-443-3155
Email:
Web: http://www.RAJEEV.ca" rel="nofollow">LINK

Even I am trying to figure out this one... At my work place, they have a deal with an agency which promises 'best rate guarantee', but the best rate I got from them was higher than the posted rates of PC Financial. When asked, the consultant asked me to 'feel free' to borrow any where else!! I called up one desi consultant and he offered to get me better rate at 0% down (as against the min, 5% down requirement by the other consultant)

I am yet to see any thing in writing... so I don't want to put forward any names etc. Let's see how that works out.

I keep hearing shop around for better rates, but then again, it could be bad as well due to multiple hits on the credit file.

I guess, if we don't know any one personally, then get a good reference from some one already established.

Are'nt brokers supposed to do the 'shopping around' for you?

Anyways..if you have not contacted him yet.
Pramodchopra.com comes to mind

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1. Shopping around for mortgage doesn't need a bank or any broker to hit your credit. Ask the rate with "Subject to approval Clause". Moreover, before anyone hits your credit, they have to get written or verbal (if on the phone) consent from you before pulling your credit. I have found that lot of (but not all) brokers/lenders do not obtain such consent. So please be very sure about that.

2. Most of the shoppers concentrate solely on the rate offered by the lender. IMHO when you are about to finalise mortgage (biggest comittment) please read all the terms and conditions closely rather than interest rates alone. I don't have means to show it here but a lot of times, even if you get mortgage from one bank/lender at 10 bps higher interest rate than others, you still may end up saving on your interest costs in the longer term, depending on the pre payt facilities.

3. My experience is that a lot of lenders do not educate clients about the pre payt options and how beneficial it could be if one was to excercise those options.

I work for a bank...I am not trying to solicit any business...however, if any of the fellow members would like to get clarification about mortgage, please feel free to PM me. No obligations. Even if you decide to go with your own institution/broker, I would be happy that I was able to help you a little bit.

All the best.

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Quote:

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Originally posted by jake3d

Pramodchopra.com comes to mind

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Key lending rate just went down today. Wait for dust to settle before going shopping.

Key lending rate might go down again in jan. So make sure that the person you deal with gives you the deal in your favor. I.e if rate really goes down they will give you the rate prevalent at that time and if rate goes up, they will still honor the rate given you now.