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Personal Finance and Investing

Bev54

(11,962 posts)

12. Rates are not always the only thing to be looking for, terms and pre-payment options

Reply to Shermann (Reply #4)

Mon Nov 29, 2021, 09:51 PM

Nov 2021

along with penalties, should sell and payout your contract, are also very important. Banks in Canada seem to have the worst penalty calculations and I used to be a banker. Again, I don't know how the system works there but all these are considerations when deciding who to go with.

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Applying for a mortgage [View all] Takket Nov 2021 OP

Do you have an real estate agent? multigraincracker Nov 2021 #1

not yet but i don't want to be blindsided by anything........ Takket Nov 2021 #8

Yes get preapproval. we can do it Nov 2021 #2

I was a mortgage broker but in Canada so I will give my perspective from here Bev54 Nov 2021 #3

so i should "prequalify" with multiple places, but only preapprove with one? Takket Nov 2021 #7

Yeah perhaps a few, unless of course you have a mortgage broker doing the work for you Bev54 Nov 2021 #11

You can get a rough idea of where rates are online anonymously Shermann Nov 2021 #4

Rates are not always the only thing to be looking for, terms and pre-payment options Bev54 Nov 2021 #12

My experience is the bank will loan a person too much money for the person to be comfortable questionseverything Nov 2021 #5

On number 2.: Baked Potato Nov 2021 #6

I went to my bank and qualified formy home loan. Delmette2.0 Nov 2021 #9

Let the bank tell you how much you qualify for... dixiechiken1 Nov 2021 #10

Another suggestion is to check with credit unions. Desert grandma Nov 2021 #13

Mortgage broker Lulu KC Dec 2021 #14

mortgage Islandsportivo Feb 2022 #15