32 Mortgage Experts Give their Top Tips for Home Buying
Joe Samson & Associates of CIR Realty asked 32 top mortgage experts our tips for home buying. The results are interesting for sure. And I do agree with most all of what they say.
A great set of top mortgage tips for sure.
Here is a link to the post: http://www.joesamson.com/blog/canadas-top-mortgage-experts-give-away-their-best-mortgage-tips.html
I sent back 3 tips for each part of the question … they are below.
#1 tip in the buying process: use a top broker with at least 5 year experience because we have more pull, get more exceptions, and get better standard rates for your mortgage. Ensure you send in all the documents ahead of time BEFORE shopping so they can all be reviewed to ensure the purchase goes smoothly. People lose sleep due to the bank making them run around like crazy getting all the docs after they buy and the entire file may not work. Getting all the data in before shopping ensures a smooth purchase and ensure you are shopping in the right price range. There is nothing more disappointing than looking at 350k condos, putting in an offer and getting a decline and then having to buy for 200k. Of course all the 200k condos are nowhere as good as the 350k ones … that is why they cost almost 2 times as much!
#1 tip for the actual property: I would rather have the smallest/ least attractive home in a great community than the best home in a poor location/ area/ community. With the great community you get all the great amenities – family skating rinks, good friendly neighbors, etc.
#1 tip for the mortgage: Biweekly accelerated payments cuts the effective amortization down by few years. That is a huge difference by doing nothing other than paying every time you get a pay check. (It is not worth doing weekly payments as the cash budgeting will always leave you short at least 2 times a year and the $100 NSF fee will put you father behind than ahead.) And paying even a little bit more in the first 5 years of your mortgage will end up saving you 3 times that in the end. So that $5000 now will end up saving you $15,000 over the life of the mortgage in interest! And remember to take a holiday, not just pay that mortgage down!
Please feel free to call or reply with comments or questions.
Mark Herman, AMP, B. Comm., CAM, MBA-Finance
WINNER: #1 Franchise for Funded $ Mortgage Volume at Mortgage Alliance Canada, 2013 and 2014!
Accredited Mortgage Professional | Mortgage Alliance | Mortgages are Marvelous