Quote:
Originally Posted by FlamesAddiction
Hey,
I have a few questions regarding mortgages.
When I called CIBC (my bank for most of my life), they told me on the phone to basically multiply my household income by 4 and subtract any debts to come up with an approximate number for what we could get for financing. I wanted to book an appointment to actually get the approval in writing, but they said it wasn't necessary and that I should just make any offers with a "pending financing" statement. When I called real estate agents to start booking showings, they did not really like that idea.
One in particular was trying to push me on a mortgage broker that she "knows". I have to admit, and I mean this with all due respect to the realtors on here who are so kind with all the free advice, but I do not feel comfortable with sales people and get turned off fast if I feel pressured or out of my league....
So being totally dumb, can someone tell me if a mortgage broker really is a better option and what type of additional fees (or savings) I might expect by using one. Also, would anyone recommend a credit union over a bank if it was an option?
|
Mortgage brokers can offer you the best rates and shop across all different lenders where as banks can only offer you their own rates. Also mortgage specialists (the mobile ones who work for banks) can even offer you better rates than what your actual banker can give you. Credit Union or Bank doesn`t really matter just make sure you get a product that you are comfortable with (pre payment and options like that). If you are really uncomfortable still with mortgage brokers get a quote from one and then take it to your banker that you are comfortable with and see if they will match it