We said this a million times before and we certainly won’t shy away from it now—finding your dream home is an intimidating and overwhelming process. Getting a mortgage in 2023 in the current high-rate market is even harder… unless you have the right knowledge and support. Well, we come bearing a bit of both. And we have True North Mortgage (TNM) to thank for it.
A top choice for home-buyers since 2006, the Alberta-born mortgage company has been something of a game-changer. With their lower rates, unparalleled service, genuine advice and convenient processes, TNM has been breaking stereotypes one mortgage at a time.
ICYMI, True North Mortgage now has a new store at Market Mall. It was here that we learnt some unreal facts about the whole mortgage process.
Contrary to popular belief, and our personal experience, getting a mortgage doesn’t have to be an excruciatingly daunting process. It can be much easier and simpler, as was pointed out to us by the experts at TNM. Of the many, there are 6 things, in particular, they insist every home buyer (first-timer or experienced) needs to know before getting a mortgage in 2023.
Here goes the list—
Your bank usually has higher mortgage rates
They ‘bank’ on your service and offer the rates they think (know?) you’ll pay. TNM, one of Canada’s top brokerages, provides you with a better choice. Their brokers work with several accredited lenders to find your best rate and then lower it through a volume discount — sometimes with your own bank. Plus, TNM rates are 0.20% lower on average than the competition through their in-house, CMHC-approved lender.
Not all mortgage brokers are created equal
An unbiased mortgage expert by your side helps you get the best product fit. Dealing with your bank (whether a teller or ‘mortgage specialist’), you’ll have to ‘choose’ their one mortgage while being sold their other financial products. If you go to an independent broker, they may offer you a choice based on whatever financial incentives they have with specific lenders. And clicking on an online-only platform means slogging through an overly-automated process and getting less mortgage help than you think. TNM provides targeted advice and stays with you from beginning to end to ensure you have the best mortgage rate that fits your financial goals.
Getting sound advice shouldn’t cost you
For the most part, independent mortgage brokers work on commission, so they may sell you a mortgage based on their bottom line instead of your best option. Even though their advice may be ‘free,’ it means your savings might not be a first priority. That’s different at True North Mortgage. Their brokers are salaried, which frees them up to put you first. With no fee or obligation, you get personalized service that is laser-focused on your savings. Plus, whether you’re a first-time buyer or want to renew or refinance, they’ll offer help with anything you need, such as a down-payment strategy or improving your credit score to qualify for an even better rate.
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If something is too good to be true, it probably is
Whether it is for a mortgage in 2023 or anytime till the end of time, one thing you need to be particularly careful about is the ultra-low rates you might see online. They often come with restrictions and hidden fees and penalties that can cost you more later. With TNM, your best rate comes with a better mortgage and complete transparency — they don’t ever charge made-up fees or include sneaky penalty calculations.
When it comes to mortgages one size DOES NOT fit all
An important factor to consider when picking out a mortgage broker is to choose one who can help you the way you want. Whether that’s entirely online, over the phone, or at a store that welcomes you for face-to-face service. Banks don’t let you get a mortgage from the comfort of your home (the industry has evolved, why haven’t they?). That said, your mortgage is a big financial commitment — sometimes you want that in-person experience. TNM has all the convenience you need. And to back this, they have the most 5-star client reviews in the business as proof.
Your mortgage does not have to be complicated
Buying a home is stressful enough as it is, your mortgage need not add to that pile of stress. A simple, streamlined process is possible with the right broker and team who has your best (mortgage) interests at heart. TNM has an easy online application, great calculators and tools, fast support, and continual updates so you’re never wondering about the details. They have the experience to get it all done, on time, no matter your mortgage needs. The best part— they do it with a smile!
There you have it folks— the six expert tips on getting a mortgage in 2023. Check out TNM’s website below to understand more about them and their services. Or visit them in person at one of their stores, it that’s more comfortable for you.