Asking how a Calgary mortgage broker might be better than a bank is actually a good question. If you’re like this author, you may tend to be a do-it-yourself, do-my-own-research kind of person. You want to pull the strings and see what happens on the other end. Fair enough, but in the world of loans, credit ratings, interest rates, monthly payments, and big ticket items such as a house or a car, running around doing your own research may actually work against you!
Let me explain. In order for a bank or lending agency to agree to lend you funds, you have to have a credit rating that they can look at. Companies such as Equifax will give you access to your credit rating. They will also give your bank access with your permission. Banks look at your level of monthly income, how long that income has been available, what debt you currently handle and how you’re handling it, and how well you’ve handled it over the years. If you are the type to manage your debt load well, this will show as a positive credit rating. If your debt load is low compared to your income level, this boosts your rating even more. BUT. . . and this is a big but. . . If you go shopping for the best mortgage rates on your own, every single bank hits up Equifax or other credit rating services, and each time your rating is checked, your credit rating takes a hit! Too many hits in a short span of time, and lenders start to get concerned, eventually hurting your ability to get that mortgage you’re after.
A mortgage broker only needs to check your credit rating once, and then you can go house-hunting with confidence knowing that the mortgage level you are after is both possible, and attainable. Spare your credit rating and let a Calgary mortgage broker such as Mortgagesforless.ca do the legwork for you. We also specialize in mortgages in the Fort McMurray region.
For more information on mortgages please call us today. We can help you get the right mortgage at a great rate.
Josh Tagg | Mortgage Associate
Mortgages For Less