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Mortgage Loans

Buying a house is one of the biggest decisions you will ever make. Finding the right mortgage to meet your financing needs can seem like a difficult task. However, in today’s world you have choices when you apply for a mortgage. You do not have to sign whatever papers a lender puts down in front of you. The Internet has become a great source to help anyone looking for a mortgage.

Using the Internet, you can find valuable information and resources about different types of mortgages. You can search for the mortgage that best meets your needs, and you can find competitive interest rates. Even if you have poor credit you can get a fair interest rate.

If you have had some problems with your credit in the past, you will want to obtain a copy of your Canadian Credit Report. If you are married, you will want to get a copy of your spouses too. Look over the report carefully to make sure there are not any mistakes. Now will be the time to dispute any mistakes on your credit report before potential lenders view this information.

Perhaps you are working with a mortgage broker. If you are, they can help you find a lender that best fits your needs whether you have good credit, bad credit or very little credit. Be up front with your broker and tell them about any problems you have had in the past. A good mortgage broker will be able to help you overcome just about anything so you can get a mortgage for your new home.

Arm yourself with as much financial information as possible before setting out on your quest for a mortgage. For example, consider having a mortgage broker or negotiating agent. They can help you find a mortgage that will be tailored to your needs.

Some Types of Mortgages

Fixed Mortgages: Not all fixed mortgages are the same. They offer a fixed interest rates for 1,2,3,4,5,7, 10 and sometimes even 15 or 25 year terms. When you select a longer term, you know that the interest rate and payment will not change during the term.

Open Mortgage: If you plan to pay back the entire mortgage within 6 months to one year, you would probably want an open mortgage. You will not be penalized for paying the loan back early. This is the way to go if you will be coming into a substantial sum of money or will be moving again very soon.

Variable rate mortgages: When you select this type of mortgage the rates will change, usually on a monthly basis. They change depending on current rates. In some cases the payment will stay the same during the term.

Easy Start Mortgages: These mortgages are an excellent option for first time buyers. The homebuyer will have low mortgage rate for a 5-year term. Ideal for the first time homebuyer, this mortgage gives the homebuyer a special lower interest rate.

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