Is It Mandatory To Get Mortgage Insurance
No. But sometimes it is a good idea to get either mortgage insurance or term insurance. Knowing that your house would be paid off if something should happen to you, gives you peace of mind. Most Banks will insist on it.
Should I Shop Around To Get The Best Mortgage Rate
No. A mortgage broker does the shopping for you, so you don't have to. When you go into bank #1 and apply for a mortgage, bank #1 pulls a credit bureau. Then you go into bank #2 and apply for a mortgage, bank #2 pulls a credit bureau and so on. Every time a credit bureau is pulled on Equifax, you lose points on your beacon score. Your beacon score is a score that rises with good credit and lowers with bad credit or too many inquiries. The beacon score is how many lenders determine if you are a good risk.
Pre-Approved Mortgages
A pre approved mortgage allows you to know how much of a mortgage you qualify for and how much of a house you can afford. When you pre-qualify for a mortgage, you get a guaranteed rate for 120 days. If interest rates rise, you have a locked in rate. If interest rates drop.
For all your financing and Mortgage needs visit VERICO Urban Financial Ltd.
On line applications are now available at www.mortgagejack.ca
