Thinking about buying a house or a condo is a big step. Securing a mortgage is one of the biggest financial decisions you will make.
Before obtaining a mortgage, it’s important to think about the risks:
• Affordability – can you make the payments, keeping in mind your monthly costs such as taxes, utilities and other loan commitments?
• Terms – does a fixed or variable interest rate work for you?
• Pre-payment options
• Late payment penalties
• Renewal fees
Mortgage brokers and associates work with banks and lenders to find a mortgage that works for you. They assess and compare mortgages, explain the application and approval process, and complete documentation.
When looking for a mortgage broker, ask the following questions:
• Are you a licensed mortgage broker?
• Will we sign a contract?
• What services do you provide?
• Do you charge a fee?
If you are having problems with your mortgage broker, you should raise your concerns with the broker’s brokerage. If your concern is not addressed, you can contact the Consumer Credit Division of the Financial and Consumer Affairs Authority at (306) 787-6700 or firstname.lastname@example.org.