THE VIEW FROM OAK PARK
The Official Krisztina Blogsite
And so we have it – Episode #6: The Closing, is the final episode in the series, Krisztina’s Real Estate 411 – Real Estate Tips for Real People. Based on the feedback I have been receiving, you have found the series informative, useful and fun. This final episode touches on the Mortgage and the Legals involved when closing on a home property.
Pre-qualifying for a mortgage is a crucial step before looking for a home. You need to know what you can afford. As repeated by Paul Meredith (Mortgage Services, CityCan Financial Corporation), “Pre-approval gives you a price range for home shopping.” It’s also important to go to the experts – check with a Mortgage Broker. As a Real Estate Agent, I deal with Mortgage Brokers (both independent and connected to Banks) on a regular basis, and I can direct you to the right Broker. As Joey Besana (a client), says: “When we needed help with the bank, Krisztina pointed us in the right direction…This person was much better for us than when we had gone to the bank on our own.” Your own bank may not give you the best mortgage rate. Tamara Vanmeggelen works in the Financial Industry and has found there is a misconception among people that they need to deal with the FI (Financial Institution) where they have traditionally had all their banking business. NOT TRUE!! She recommends to people (especially in this environment) to shop around for their mortgage and they may be surprised that the FI where they have no history may just be the FI of choice.
Mortgage Brokers will determine your mortgage range based on your income and credit. They can often find you lower mortgage rates because they don’t deal in savings and chequing accounts, RSPs or branches scattered across the country. They can tap into multiple lending sources and multiple mortgage products and will only do ONE credit check. I have, however, had great success dealing with banks, who are becoming more and more competitive in the mortgage arena. In this episode, we also discuss open and closed mortgages, refinancing, locking in, penalties and prepayment restrictions.
As I close this series, I would like to thank all the interview participants for giving so freely of their time. Thanks to Lindsay Atkinson, Eric Besana, Joey Besana, Steve Botelho, Tom Chaffee, Adrian Guertin, Terry Kuivinen, Shannon Meister, Paul Meredith, Sylvia Perdue, Rafal Tarasiewicz and Tamara Vanmeggelen. Please visit my Youtube Channel: NorthOakvilleAgent to view all 6 episodes.