- Is it a short term home that you plan on fixing up and selling again or will this be a long term home for you and your family?
- Is it a duplex or side-by-side and you plan on living in one side and renting out the other?
- Is it purely an investment property that you’re going to rent out?
The answers to all these questions will have an effect on which mortgage product is best suited for you.
Other factors that affect which mortgage products and interest rate options are available to you are:
- Type of home - detached, condo, side-by-side, duplex, triplex, mobile home, ready-to-move (RTM), cottage, etc.
- Price of the home - less than $100,000, over $500,000, over $1,000,000
- Location - City, rural, on leased land, less desirable areas of the city
- Down payment amount - less than 20%, 20% or more, 35% or more
- Possession Date - some Lenders offer rate specials if possession date is sooner rather than later
As you can see, there are a lot of factors that need to be considered when shopping for the best deal on a mortgage.
Every home buyer has a different situation so to find the best deal possible, you need a wide variety of options. Your Bank or Credit Union might be able to give you a mortgage but the chances of it being the right mortgage for your needs is slim because they only offer a few different options.
Don’t settle for just any mortgage with a decent interest rate.
Call me today and I’ll find you the best deal on the right mortgage to save you the most money possible!