Personal Finance

How to go mortgage shopping

  • Last Updated:
  • Sep 17th, 2014 12:35 am
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[OP]
Member
Dec 30, 2007
382 posts
14 upvotes

How to go mortgage shopping

I am buying a new place (my first home - I'm 25), and I need to go mortgage shopping. What is the best way to go about this?

I have already looked at ratespy.com, and I want to borrow from a bank. Also, I want to get quotes from multiple banks, and get the banks to beat each other's quotes.

What is the best way to get started? Do I simply fill out the form on the banks page indicating I'm interested in a mortgage? Or is is best to get a mortgage broker? Also, how can I tell if a bank mortgage specialist or a mortgage broker is good?
2 replies
Jr. Member
Sep 10, 2006
138 posts
9 upvotes
Whitby
Have a look at the mortgage rate thread. That will tell you what some of the best going rates are. Pick your financial institution and tell them that's the rate they need to beat/match. Keep penalties in mind too if you want to break early.

Or you can find a broker and trust them to do the work for you.
Deal Fanatic
Jul 1, 2007
8265 posts
1229 upvotes
Step 1: Do not set foot in a bank
Step 2: Find a good mortgage broker. There's so many of 'em they're really a dime a dozen, so ask your friends and family. A good mortgage broker will hold your hand all the way through the process and set you up with the best rate available and a product that meets your needs (ie: for repayment ability, etc.)
Money Smarts Blog wrote:
Nov 29th, 2010 11:18 am
I agree with the previous posters, especially Thalo. {And} Thalo's advice is spot on.

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