Buyers paying cash for for the full price of a home is quite rare, so if you're like most, you'll need some type of mortgage.  However, before you sign anything there are some things you should be aware of.  Knowing these bits of information could save you both trouble and money.

There are different type of loans, so when talking to your financial institution, make sure you have them explain all the options.

A good local mortgage broker can sometimes be your best option because they will check out the best rates and options for you and you don't pay them.  The lending institution pays the mortgage broker for bringing in the business.

Your credit rating will determine the amount of money you can borrow and it's a good idea to be pre-approved for a mortgage before you even start looking at potential homes.  Being pre-approved for a mortgage can be to your advantage if competing with another buyer for the same home.

The size of your down payment will determine which loans you would qualify for.  Financing more than 75% requires mortgage insurance such as CMHC insurance in case you default on the loan.  If you put 25% or more down, then you can avoid this additional expense.

For more tips on getting a mortgage for your next Orangeville real estate purchase, call Kevin Bailey or Linda Chartier at the RE/MAX office in Brampton 905-456-1177 or the RE/MAX office in Orangeville 519-942-8700 to discuss how we can help.

Or, simply filling out the form below and one of us will get back to you as soon as possible.