Common Mortgage Pitfalls

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A mortgage broker can help you avoid many of the pitfalls commonly encountered during the home buying process, it's still important to be informed even before you start looking for that perfect home.

  1. Check your credit report before you apply for a mortgage - Equifax
  2. Lowest rate is not always the best rate for you
  3. Minimum of 5% of the purchase price, over a purchase price of $500.000 it is 5% on the 1st $500,000 and 10% on the balance of the purchase price
  4. Set a budget for yourself: legals fees, home inspection fees, condo fees
  5. Rate shopping, don't!  Let your broker pull one bureau and find the best mortgage for you