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Mortgage Rate Shoppers Falling for Interest Baits

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When shopping around for mortgages it’s only natural to get fixated by the low interest rates certain lenders are offering. Many people will only compare mortgages based on the interest rate, but that’s not the only thing to consider. Some lenders are using the offer of a low interest rate as bait to hook your business. It’s all well and good shopping around for the best mortgage rate, just don’t ignore other factors.

Fees

Sometimes the Canadian interest rates on a particular mortgage deal might look very attractive, but it’s vital that you look at the whole package. There will almost always be an arrangement fee of some kind for a mortgage, and this is normally lent to you along with the money for the house. Remember to factor this fee in, as the fee could potentially make a cheap interest rate mortgage much more costly.

Service

Not all mortgage brokers are the same. Ideally you will want to find a mortgage lender who treats you like a person and listens to all your concerns. This is a serious decision to make, and one that you will have to think hard about.

Good Advice

When you are taking out a mortgage it is not something that you can rush into. You will want to be able to rely on the sound advice offered by your lender. Low interest rates can be used to lure customers in so that the mortgage sales people can earn more in commission. Choose to deal with a reputable Vancouver mortgage broker so that you can find the best deal. A good lender will discuss your requirements and make sure that you will be able to afford the monthly repayments along with your day to day commitments.

When shopping around for mortgages you really need to make sure that you compare more than just the interest rate. Make sure you look at the complete package so that you know you’re getting the best deal. Some low interest rate Vancouver mortgages can be a false economy and end up costing more than ones which might sound more expensive.

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A Holistic Approach To Your Mortgage

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A stress-free mortgage may be something of an el Dorado for most homeowners, but there are ways to better orchestrate the process, ensuring more clarity and a measured approach. Taking that measured approach to your financing can begin in a lot of ways. For some, it begins when pressure sets in. For others; it simply requires a new perspective. Either way, thinking of your mortgage as part of a balanced, partitioned financial life is a good starting point down your path to a holistic experience.

Begin with a big picture session. Sit down with your financial advisor, spouse, or anyone involved in the potential process with you. Work against isolating the mortgage and instead examine it as part of your larger combined goals. Take new angles and represent things in ways that you might not normally. Use charts and spreadsheets. And always: focus on the whole picture. Which goals deserve attention? Where is stress being misapplied? Are there resources being misunderstood or used impractically?

Taking a team approach is a large part of what is commonly thought of as a holistic or zen approach to financing. Spreading out the range of opinions allows for flexibility where you wouldn’t notice it on your own. A team can also help structure and reduce the amount of stress that goes into the project. Finally, you’ll feel less trapped inside the timeframe of your particular situation when you hear the anecdotal advice of people with the hindsight to clarify things.

Key points of entering a holistic mortgage experience include:

  • Establishing market knowledge. Look into your options as you consider a broker.
  • Measure your financial habits in fresh ways; access new opinions on where stress points are.
  • Learn the value of strategizing according to your goals – as re-evaluated.
  • Discover a hands-on approach to risk management, including understanding how banks manage mortgage risk.
  • See where a professional broker can make your mortgage experience the personalized situation that you hope for.

Build your mortgage zen by developing strategies that support you as you organize and separate stress sources; keeping them manageable. By keeping track of your decisions and motivations you can identify patterns in your own behaviour. Outside opinions will help you weigh out each parcel of decisions facing you. And re-analyzing your goals is never a poor use of time – regardless of the situation.

As you plan and prepare, take notice of signals that you’ve been ignoring. Observe behaviour and try to understand the marketplace with as much variety of input as you’re comfortable with. As your financial goals become clearer and your understanding of mortgage options grows; you’ll find yourself in an excellent position to find out where a professional mortgage broker can start you down the road.

A holistic approach to your mortgage, like any effective structure for thinking and planning, involves combining a number of resources and attitudes. As you develop these skills and perspectives you’ll find an overall strategy forming that’s both specific to you and indicative of the broader holistic discipline.

Contact us today at 778 320 4346

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