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A bank or an independent broker: where should Canadians looking for their first mortgage or those looking to refinance turn? Maybe it’s due to the enormity of the money that they’re hoping someone will lend them, but many people find applying for a mortgage or refinancing to be intimidating and stressful. However, it doesn’t have to be.

Big banks may be the obvious choice, but you have to wonder, when it comes to getting a competitive rate, will the banks be looking out for your best interest, or theirs? Do you want to put your trust in a big bank, or would you rather use the services of a qualified independent brokerage like Canadalend.com?

The choice seems pretty obvious.

Once you have settled on an independent brokerage, your next task is to find an agent. It’s not as easy as it seems. The Internet may be the new yellow pages, but that doesn’t mean you call the first name that pops up in Yahoo! or Google.

When it comes to getting a mortgage, loan, or refinancing, there are a number of qualities you should consider.

Licensed, Personal Attention and Service – Regardless of which province you live in, Canadalend.com agents are licensed professionals. Some so-called bank specialists, on the other hand, are not licensed and have no formal training.

Because you’re potentially borrowing hundreds of thousands of dollars, it’s more than a little reassuring to know that your Canadalend.com agent is current with Canadian mortgage financing rules and regulations.

For those who are not comfortable with negotiating or aren’t fully aware of all the different financial products and services, a Canadalend.com agent’s specialized skills and knowledge can make the entire process stress-free.

As a result, a Canadalend.com agent can help you with all aspects of a mortgage, from how much you can afford to borrow, to determining the best mortgage product, to finding ways for you to save money and pay off your mortgage or loan faster.

A Canadalend.com agent can save you time and energy with their personalized, licensed service. Because they’re independent, they can also offer you flexible hours; banks and credit unions, on the other hand…

Products – There are a lot of different financial products and services out there. For the average Canadian, it’s virtually impossible to keep track of everything, especially if you don’t keep up on the economy, interest rates, and mortgage rules and regulations.

Because Canadalend.com agents are licensed professionals and independent, they can shop multiple Canadian lenders and banks, looking for the best products at the best terms and rates. While a Canadalend.com agent has access to a huge number of Canadian home loan products, a bank or credit union only has access to their own institutional products—and will try to sell you one of their products, even if it doesn’t best suit your needs.

Because Canadalend.com agents are independent, you are assured that they will give you impartial advice.

Peace of Mind – There are a lot of brokerage firms to choose from, but no matter how many agents you talk to, you’ll quickly discover that Canadalend.com’s independent, licensed agents are the best in the field.

Make sure you feel comfortable with the agent you’re doing business with. Can they answer all of your questions, and does she or he act in a professional manner?

Be careful of high-pressure sales tactics; you are not under any obligation to continue on with the process. Never agree to a loan you do not understand. If you’re feeling pressured to buy a product, walk away.

At Canadalend.com, we want to make qualifying for a mortgage as stress-free as possible. Your Canadalend.com agent will negotiate on your behalf, getting you the best mortgage rate possible. They will also help you find the best way to pay off your loan quickly and reduce interest payments.

What do you need to look for in a mortgage broker? If you want a mortgage broker that embodies the principles, integrity, and ethics of his or her craft, then look no further than a Canadalend.com agent.

To learn more about Canadalend.com, visit www.canadalend.com .

Finding the perfect place to call home and settling in can be fun!

Buying your first home is a really big step. And it’s probably going to be the biggest purchase you ever make. While looking for a home is exciting, in this tight real estate market, it’s important to know what kind of mortgage you qualify for before you start the hunt. If you fall in love with a house, chances are someone else has, too. If you aren’t pre-approved for a mortgage, you could lose your dream home to someone who already is.

Understanding the financial side of getting a mortgage can be overwhelming and daunting. There are a lot of things that need to be figured out: how much you qualify for, interest rates, mortgage term (15 years, 20 years, 25 years), payment plans (weekly, bi-weekly, monthly), whether you want a variable or fixed mortgage, and the list goes on.

It can be hard for first-time home buyers to know where to start. After all, a lot of different factors go into determining what kind of mortgage you qualify for. It depends on your income, debt, and credit history. By shopping around and asking questions, you could end up saving yourself tens of thousands of dollars over the term of your mortgage.

Do you go to a bank to get your mortgage? If you do, are you getting the best interest rate? Are the terms and conditions best suited to your economic situation and lifestyle? Or are the banks just going to push their own products and services?

Better yet, do you use a mortgage brokerage like Canadalend.com, whose independent, licensed agents draw from all available mortgage products and provide you with impartial advice?

For the most part, all first-time home buyers want the same things—to maximize what they can borrow, to minimize their interest charges, and to pay off their mortgage as quickly as possible. When it comes to getting your first mortgage, the real difference comes in service and communication.

If you want to find out what kind of house you can afford; compare mortgage terms, rates, and amounts; or figure out how to save thousands by increasing your monthly mortgage payment, try Canadalend.com’s wide variety of interactive financial calculators.

Canadalend.com’s professional agents love working with first-time home buyers, helping them get the mortgage best suited to meet their financial needs and getting them into their dream home.

Canadalend.com’s licensed agents make it easy for first-time buyers to choose the right mortgage. Whether you need a big or small, fixed or variable mortgage, Canadalend.com agents work with all the major banks and lending institutions to get you approved in 24 hours.

A Canadalend.com agent is more than just the perfect resource for first-time buyers looking to get an approved mortgage fast! Your Canadalend.com agent can continue to be a great support, helping answer your questions and providing you with advice or referrals. At Canadalend.com, our goal is to help you achieve your short- and long-term financial goals.

What should first-time buyers look for when it comes to getting a mortgage? The nearest independent, licensed Canadalend.com agent!

As a homebuyer pursuing a mortgage from prospective lenders, how do the professionals determine what you are pre-approved for?

You Need a Pre-Approval

When it comes to affording and purchasing a home, individuals require a pre-approval from a bank or other credible financial institution. Lenders determine how much they deem you can reasonably pay based on a number of factors. While it may be mysterious to some, the general principles of income and assets play an important and obvious role. So how do the calculations actually work?

The Mortgage Paperwork

Someone applying for a mortgage pre-approval must provide a range of documents, including paystubs and T4s, employment and financial account information, proof of assets and liabilities, and from where you can take money for your down payment. A financial institution or other lender will also research your credit score. Once approved, experts recommend for prospective buyers to purchase a home below the maximum amount with which they are presented.

Lenders are Risk Averse

The figures you receive during and after a pre-approval meeting consider various parts of your financial past and present. In addition to your income and assets, lenders take into account your current debts and credit, not to mention the costs you will be paying for and at your new home. That includes the purchase itself, but also heating costs, condo fees (if applicable), and property tax.

Make Yourself Attractive to Lenders

Essentially, the more you earn and the better your credit, the more stable of a position your lenders will perceive you to be. The fewer debts and liabilities you have, the better. Everything is taken into account for such a significant purchase like a home. In Toronto, the average detached property is valued at over one million dollars, after all.

If you are wondering how you may be able to boost your rate, simply maintain your good financial health and avoid frivolous spending. Find a better paying job, pay your credit cards on time, pay off your student loans, and ensure a spouse or partner you will be purchasing the home with has a solid financial reputation, as well.

When it comes to getting a second mortgage, you’ll need to go through an approval process. Mainstream lenders, such as banks, will emphasize different things over alternative lenders. While there is no standardized process for either group, we’ll take a look at some of the factors that come up repeatedly so you can be prepared.

Canadalend.com can help navigate your mortgage needs no matter your Income

Lenders will want to know that you have money coming in to repay your loans. Mainstream lenders prefer to see borrowers with regular income. Such as a monthly salary. They may also ask that you undertake employment verification, depending on your circumstances.

Alternative lenders like to see regular income too, but they can be more flexible. People with irregular income, freelancers, or the self-employed, can find more accomodating arrangements with alternative lenders.

Utilizing Your Equity

When you take out an initial mortgage, the lender gets what is called a lien on the property. That’s the right to sell the property to settle a debt. Over time, as you progress through the schedule of a mortgage, you accrue equity. As you make monthly payments to pay down the outstanding amount, you start owning more of the property.

Lenders that offer second mortgage products have a consistent view. While they’re happy to leverage equity that you have accrued, they’re aware of that lien the other lender holds on the property. That means if you default on your mortgages, the first lender gets paid first, and the second may get nothing. Because of this, equity-based second mortgage loans carry a higher amount of risk for the lender.

If you intend to utilize equity against a second mortgage, you’ll need an up-to-date statement of account from the initial lender.

Canadalend.com can assist no matter your Credit Score

One of the earliest steps to take before beginning your search for a lender is to check your credit score. There are multiple ways to do this, but as you are about to enter a financial process, the more in-depth the better.

In Canada, credit scores run from 300-900 and are determined by Equifax and TransUnion. A score above 650 is seen by many lenders as the ideal scenario. If a score is below 600, then a borrower should start to expect some additional conditions or constrictions regarding their loan.

Credit scores are essential no matter who you borrow with. Working with traditional banks, they form a core part of the approval process. Alternative lenders place less emphasis on credit score, preferring the ability to pay over a solid credit history. This is particularly useful to those seeking a second mortgage for debt consolidation. Alternative lenders specialize in helping people recover from past errors of judgment.

Navigating the Process

Which documents to have prepared, and when, can be a frustrating part of the process. With each lender doing things differently, how can you try to bring some consistency to the process?

The one thing all lenders have in common is that you will need to provide identification documents. The number required, and their type, is at their discretion. But, as with most matters of identification, government-issued documents are best – passport, drivers license, etc.

At Canadalend.com, our independent experts are well versed in the approvals process with many different lenders. Decades of experience and access to hundreds of different lenders mean they can help you find the right product for you. It also means that they are experienced guides when it comes to finding your way through the approvals process.

By contacting Canadalend.com today, you can speak to one of our experts, find a product that suits your needs, and get support to navigate the approval process successfully.