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Today: 20.01.2018 - 03:30:10
   Canada Mortgage Hub Discussion Board -> Mortgage Rates Canada -> When to begin negotiating my 1st Mortgage with the Bank?
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rnore

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When to begin negotiating my 1st Mortgage with the Bank?
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Canada mortage
Post # 1.

protracter9831

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In all of the transactions I have been involved in, there is no negotiations over a mortgage. You accept what the mortgage company offers or you go to another mortgage company.
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Post # 2.

pate13

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The problem is that the market moves every day, and until you lock-in a rate with the lender they cannot determine what the fees and costs will be. And you can't lock-in a rate until you have a specific property identified and have submitted an application for the loan.You won't have a time crunch once you have a contract; any lender can give you rates, terms, and costs in just a few minutes when you have the specifics of how much you want to borrow. The long time occurs after you accept a deal with a lender and the underwriting kicks in, along with having to wait for outside sources to get back with info (surveys, appraisals, verifications, etc.).
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Canada interest rates
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osora

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You cannot negotiate mortgage terms until you are ready to sign a loan application and have a signed home purchase agreement.Read "Home Buying for Dummies" or any of the dozens of self-help books written for first-time buyers. If you go into this without educating yourself, you are VERY likely to make serious errors costing tens of thousand of dollars.
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