Mortgages can be confusing, but your mortgage lender can help you through the process. Here is everything you should know about your mortgage lender and some questions you may want to ask them.
What is a Mortgage Lender?
The first thing you should know is that there are different types of mortgage lenders. The most common option is the bank. However, if you are unable to get mortgage approval from the banks, there are other options to consider. Private mortgage lenders have a higher approval rate and are an excellent option for individuals with a poor credit history. A private mortgage lender could be your saving grace when it comes to getting the approval you need.
Questions to Ask Your Mortgage Lender
Which Type of Mortgage is Best?
The first thing you should ask your private mortgage lenders is what kind of loan best fits your situation. If you are a first-time buyer, a fixed-rate loan might be your best option. Mortgage lenders can also make suggestions if you’re looking for a second home mortgage or if you’re new to Canada.
What is the Interest Rate and APR?
The annual percentage rate is an essential aspect of your mortgage. It is a calculation that includes the interest rate and all other fees divided by the length of the term. If you prefer to go with an adjustable interest rate, you may want to ask about adjustment frequency and interest rate caps.
What Are All the Costs?
A private mortgage lender can provide you with an estimate that contains all the associated costs of your loan including the cost of the appraisal, credit report, title policy, inspection reports, and taxes.
When you’re considering applying for a mortgage, be sure to find a mortgage lender that can answer all these questions and can provide you with the best loan possible.
Whether you’re looking to borrow or invest, Alta West Capital can help. We offer a number of lending solutions for first time buyers, individuals and families that are new to Canada, self-employed business owners, real estate investors and more. Alta West loans are fast and flexible to fit your needs. Visit our website to apply online or contact us directly. Call (403) 254-9075 or email email@example.com.