4 Of The Most Important Questions To Ask Your Mortgage Broker

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4 Of The Most Important Questions To Ask Your
Mortgage Broker
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• Provided you ask the right questions of your
  local mortgage broker, they can help you find a
  home you can see yourself living in, at a price
  you can actually afford.
• If youre seeking to move home or buy your first
  property in Calgary, working with a mortgage
  broker is strongly recommended, and once youve
  found one you can trust and communicate well
  with, begin by asking them the following four
  questions

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• How long is my term to maturity?
• Structured in increments, Canadian mortgages can
  take 30 years to pay off in full, but the
  payments are calculated against shorter terms
  that last between 1 and 10 years the length of
  time depends purely on your preference. However,
  the majority of Canadians select terms that are
  between 2 and 5 years in duration, and mainly
  because they offer more flexibility and value.
• For the duration of these terms, you must
  maintain recurring payments until your mortgage
  matures, and then you can choose from the options
  below

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• - Enter a new term, at a new rate, with your
  existing financial institution
• - Choose a different financial institution and
  renew your mortgage with them
• - Negotiate the sale of your current home and
  move its mortgage to another property you have
  just purchased, or plan to purchase
• - Pay whatever is left on your mortgage in full,
  and end all payments
• The kind of mortgage term thats maturing will
  form part of the reason for your choice from the
  options above.

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• Should I choose an open or closed mortgage?
• Mortgages with an open term do charge you at a
  higher rate of interest, but they will also
  permit you to prepay without charging you a
  penalty. Closed term mortgages on the other hand,
  do give you a lower rate of interest, but afford
  you less flexibility and demand a greater
  commitment from you.
• Should I choose a fixed or variable rate
  mortgage?
• Mortgages in Canada can be divided into two
  categories, as shown below

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• - Fixed rate for the duration of the term, fixed
  rate mortgages charge a set interest rate
• - Variable rate the interest rate can go up or
  down according to market conditions with variable
  rate mortgages, although you pay the same
  recurring payment for the length of the term.
  Should the interest rate rise, a larger
  proportion of your recurring payment will go
  towards the principal on the loan, whereas when
  the rate goes up, less of your recurring payment
  goes towards the principal.

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• Can you help me get the best mortgage?
• Provided you choose a reputable mortgage broker
  with strong knowledge of the local market and
  lenders, they should be able to set you up with a
  mortgage that is the perfect fit for your exact
  circumstances, both personal and financial.
  Theyre not tied to any financial institution,
  and will give you unbiased and honest advice and
  guidance.
• To simplify the mortgage process and make sure
  youre getting the best interest rates and terms,
  always try to work with an experienced mortgage
  broker from the outset and dont forget to ask
  them the questions listed above.

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• Mortgage-broker-Calgary is your best resource for
  finding a mortgage for your property. Luke Wile,
  is the best mortage broker in Calgary and is
  proud to serve clients from across Canada, while
  being centered in Calgary, Alberta. Luke is proud
  to serve his clients with a personalized approach
  to finding his clients the best and lowest
  Canadian interest rates and terms offered by the
  major banks and private lending institutions. If
  you are looking for best mortgage rates in
  Calgary, with Luke Wile you can get fast and
  personal expertise for your mortgage. Contact us
  today!