There are several types of mortgages in Canada that you’re probably considering, from variable rate mortgages, fixed rate mortgages, or high ratio mortgages just to name a few. But regardless of the type of mortgages in Canada that you plan to use, sooner or later, you will be dealing with mortgage lenders to help you out.
Canada is not short on mortgage lenders as there are several well-known names that most residents turn to for their mortgage needs, but for those who will be applying for the first time, you’re probably wondering which lenders to go to. After all, these are the ones who will be lending you the money that you will need to purchase your home or other assets that you want to have.
What to Consider When Hunting for Mortgage Lenders in Canada
There are a few things that you should take into consideration when looking for a Mortgage lender such as:
Mortgage lenders will want you to choose them because they will be your one-stop shop for all your financial needs. Well-known banks will entice you to get your mortgage from them because they will help you streamline all of your finances. But the question you should ask yourself is whether they are offering you the best rates for your mortgage. Some make the mistake of choosing the same brand only to find that their options are limited. A better option here would be to look for a lender that offers the kind of mortgage that you need.
Type of mortgage.
Another thing that you should consider when looking for a mortgage lender is the type of mortgage that you are going to purchase or need. Once you have figured out the kind of mortgage you need, you can narrow down your choice of lenders.
It’s true that there are big names when it comes to mortgages in Canada, but don’t limit yourself to them. After all, there are other mortgage lenders out there that may offer you better rates compared to the top brands in the market. These are often referred to as monoline lenders who deal solely on mortgage related products. Some of these small lenders are funded by the bigger banks too. This is why you should never settle with the same brand right from the start, unless you want to miss out in other opportunities when it comes to your mortgage deals.