If you are thinking of buying a home and are in the market for a home mortgage, you'd better start doing your homework right now. The reason is pretty simple – things have changed and the days of easy home mortgages are gone. You can also hire a 'mortgage advisor' (also known as 'Conseiller hypothecaire' in the French language) for buying a home.
Getting mortgage money was relatively easy just a few short months ago. That was when house prices were steadily rising and homes were selling practically before they were listed. But that was then and this is now. Things have cooled off a lot, and a slowdown in the real estate market has higher interest rates along with tougher conditions for getting mortgage approvals.
Perhaps most important, interest rates have been rising slowly for a number of months. This may not seem like a big deal if you are new to the home buying market. But on a large home mortgage, even a small interest rate increase can make a very big difference to your payment.
Find a home mortgage advisor
Before making home mortgage decisions you should find a professional advisor who has a lot of experience in the home mortgage business. Often the best advisor is a mortgage broker not directly affiliated with any one lending institution. The best advisor has in-depth experience and current knowledge of real estate and mortgage trends. This kind of mortgage advisor also can make use of many different sources of mortgage funds.
But where should you go? You should start by looking for a home mortgage advisor who is not tied to any one financial institution, someone who knows the market from the inside and who has access to many different sources of mortgage funds.