It’s not uncommon to have a lot of questions when it’s time to shop for a mortgage. Whether you’re preparing for your next home purchase or the time has come to renew your rate on an existing mortgage, doing your research is key.
Village Media Content Studio sat down with local REALTOR® Kyle Scali to talk about the advice he gives to clients who are in this position, how far ahead they should start preparing and if there’s anything clients should be careful not to do during this time.
Village Media: What advice do you give clients who need to arrange a mortgage when shopping for their next home purchase?
Kyle Scali: First and foremost, it’s essential to know your budget and understand your financial situation. Get pre-approved for a mortgage to understand how much you can borrow and what you can afford. Compare mortgage rates from different lenders to find the best deal. And don’t forget to consider the terms and conditions—not just the interest rate.
VM: Is that advice any different for homeowners who just need a rate renewal?
KS: For homeowners looking for a rate renewal, it’s equally important to shop around. Don’t just accept the renewal rate offered by your current lender without comparing it to what other lenders are offering. Your financial situation may have changed since you first got your mortgage, so reassessing your options can help you find a better rate.
VM: How much time should people leave themselves to get this stuff in order? Is there a benchmark for rate renewals that you would recommend?
KS: It’s a good idea to start looking into your options at least three to six months before your current rate expires. This gives you ample time to shop around, compare rates and negotiate with lenders. Waiting until the last minute could limit your options and result in you settling for a higher rate.
VM: Is there anything you recommend clients NOT do at this time?
KS: Avoid making any major financial changes, like taking on new debt or changing jobs, before securing your mortgage or rate renewal. Lenders look at your financial stability when determining your eligibility and interest rate, so maintaining consistency is key.
VM: Are there any great online sources of information you trust and recommend to clients where they can read up and learn more?
KS: There are several reputable websites and online resources where clients can educate themselves about mortgages. Websites like Ratehub, CMHC and the Financial Consumer Agency of Canada offer valuable information, calculators and tools to help you understand the mortgage process and make informed decisions.
VM: What are the specific advantages Centum Superior Mortgages offers?
KS: At Centum Superior Mortgages, Marc Capancioni offers personalized service tailored to our clients’ needs. Marc works with a network of lenders to find competitive rates and flexible terms that suit your financial situation. His experience is here to guide you through the entire process, making it seamless and stress-free. He is located at 121 Brock Street at Century 21 Choice Realty.
It’s crucial to work with a knowledgeable and experienced mortgage broker who can help you navigate the complexities of the mortgage market. Whether you’re a first-time homebuyer or renewing your mortgage, we’re here to help you make the best decisions for your financial future.
You can reach REALTOR® Kyle Scali of Century 21 Choice Realty Inc. at 705-297-5866. You can also follow him on Facebook.