Are you planning to obtain a mortgage for your home purchase in Ottawa? If you are, it pays off to find the most suited one for your need, your budget, and your goal. To help you get the best mortgage option for you, here are the questions that you can ask the lending institution. Click here for more information.
Questions To Ask The Lending Institution About Mortgage
Can I get a written preapproval?
A written preapproval is your guarantee that you have a ready amount to use in financing your dream home. You may think that getting preapproved is difficult but the truth is that it is not. It can actually be done over the phone.
What are the available types of mortgage that you offer?
There are different types of mortgages and if you want to save money on mortgage, you need to find the best type that suits your needs. The lending institution will evaluate your needs and will recommend the most appropriate type of mortgage for you. Click here for more information.
How much is the monthly preapproved amount?
If ever you are preapproved, ask about the monthly amount to pay for. It may be too high for your budget or it may be too low than what you actually need. The amount should be realistic according to your own capacity to pay.
Is there a payment frequency option available?
Some lending institutions will not deliberately tell you about their payment frequency option although they offer it. The good thing about frequent payment is that you can save some years off your mortgage with it. You can also save more because you will be paying less amount of interest.
Do you offer some prepayment privileges?
There is more chance of saving money with prepayment privileges. Some lending institutions offer this option while others don’t so make sure you inquire about it so you can use it to your advantage.
Is the mortgage portable?
A portable mortgage is one that you can use even when you buy your next home. With this option, you will not have to worry about the discharge penalty or going through the mortgage process again. However, this may not be the case if you are going to buy a more expensive house.
Home Purchase In Ottawa
If you are getting a mortgage for your home purchase in Ottawa, consider getting assistance from a mortgage expert. You may not know the mortgage industry well enough but a mortgage expert does.
As a homebuyer, you should do your homework to ensure that you are able to save money not just on your home purchase but also on your mortgage. Click here for more information.