Credit plays an important role in some of the biggest
purchase decisions we make in our lives. Mortgage lenders in Thornhill are
helping people get on the fast track to becoming homeowners. A mortgage is a
loan that is used to finance the purchase of your home. Unfortunately, most
people don’t pay for their homes in cash. They make what is called a down
payment, or an initial investment representing a percentage of the full
purchase price, while the remainder of the purchase price will be covered by a
mortgage loan through a bank or private lender. Purchasing a home is a
significant investment and mortgages represent a certain level of risk to the
lender, depending on a given person’s propensity to repay the loan on time.
Your credit score and credit history help lenders gauge the level of risk
involved in the transaction. In the past, banks and large financial
institutions were the only options for people looking to finance the purchase
of a home. Today, there are many financing options, including many private
lenders who are willing to take on higher risk and ratio mortgages and even
helping people with bad credit become homeowners.
Where to Find a Mortgage Lender
Choosing a mortgage lender shouldn’t just be about where you can get the lowest
rate. So where should you go to find a
The online marketplace is extremely competitive, making it very easy to compare
rates and terms from different lenders. There are some sites that promise to
hook you up with lenders, while others allow visitors to see offers without
giving up their personal information. Many private lenders also have their own
websites with mortgage rates, services, and contact information. This day and
age, the internet has become one of the primary contact points when searching
for a mortgage lender.
Go to Your Bank
A lot of people feel more comfortable doing face-to-face transactions,
especially when dealing with large amounts of money. The most obvious place to
go is the bank that holds your chequing or savings account. Most people have a
good relationship with their bank and feel comfortable knowing that they can go
in to address any concerns they might have. Expect to pay a higher rate than
you might be able to online.
See a Local Mortgage Broker
A local broker will work for you and will set
you up with lenders to find a deal that works for you. Some brokers can get
special wholesale rates from lenders. Seeking the help of a broker is a good
idea if you’re short on time or simply are having trouble securing a loan. A
little help never hurt.
Finding mortgage lenders in Thornhill can be troublesome, especially with the
strict qualifications imposed by banks and large financial institituions. This
had made it more difficult for people re-establishing their credit to secure a
mortgage. If you are recovering from bad credit, but are looking into
purchasing a home, a private lender may be able to offer the right mortgage
solution for you.