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What to ask your Canadian mortgage lender

Even if you have poor credit, and you think that you don't have many mortgage options, you should still know the questions to ask a potential lender.

Having been in the mortgage broker business for years, and dealing with folks that have less than perfect credit, I know that they just want to get rid of the debt load, including collections and judgments that are dogging them.  The last thing they think about is length of term, prepayment options, etc.

First off, please offer the lender a full disclosure of details.  I sometimes find that the client is somewhat embarrassed with their situation, and doesn't tell the lender everything. 

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This can result in delays, or even scuttle the entire deal.  For example, I've had situations where after everything has been approved, documents signed and submitted, the lawyer discovers that a lien has been placed against the property in the first position, and the only way that a new mortgage can be attached to the property is if the lien is paid out.  And of course, we didn't know about the lien (even though the client knew), and we didn't ask for enough money from the lender to pay out the lien.  So the mortgage was denied, and the client was left in a worse position than when they started due to costs and delays.

Let's talk about options.  For example, if you are looking at a variable mortgage, get all the facts about the variable rate mortgage that you are considering. If there is a �teaser rate�, which is an extra low rate that generally lasts for 3 to 9 months, find out exactly how long they last and what happens to your rate when it ends.

 

What are your options if you wish to lock in? What is the term of the variable rate mortgage? What are the penalties if you wish to pay off the mortgage early? Do they offer weekly and bi-weekly payments? How is the mortgage rate calculated? These are all things you should know with your broker or lender.

 

Mortgages are generally calculated semi-annually. Some institutions calculate their variable rate mortgages on a monthly basis. This actually increases your �real� rate. What are the privilege payment options? If there is a capped rate, does the rate stay at the cap once it is hit or does it drop back down if rates drop again? What are your options for locking in if you wish to do so later? Do they offer a guaranteed discount if you lock in? What happens to your payments if rates go up or down? These are the things you should know before signing a Canadian mortgage.

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