Looking for the best Truro mortgage broker? Contact a local mortgage professional; they are your best source for local mortgage options. Find one near you to answer your questions and provide you with an overview of the rates and options offered by lenders and banks across Canada.
Truro, Nova Scotia is the perfect place to call home. 23,261 people currently live in single family homes, condos and townhouses in this lively Canadian city, and an increasing number are relying on local mortgage brokers to discover the best rates and lenders for their home-buying needs. Real estate is spread across 2732 square kilometers, alongside many popular arts, culture and recreation facilities.
Mortgage brokers in Nova Scotia are licensed under Service Nova Scotia, under the Mortgage Brokers and Lenders Registration Act. This licensing is meant to regulate the information available to borrowers on both a transactional and annual basis, to limit the levying of pre-payment penalties, and to protect the borrower’s right to refinance. Mortgage brokers must renew their license each year, with an annual fee due to the Ministry of Finance.
Despite being one of the smallest provinces, Nova Scotia is also one of the most population dense. This Atlantic province is known for stunning coastlines, puffins, and delicious seafood. Just under a million Canadians call this maritime province home, with about 400,000 living in the provincial capital of Halifax. Other top towns include Truro, Cape Breton and Amherst. Like other eastern provinces, the economy is resource-based with many Nova Scotians working in fishing, mining, agriculture and forestry.
Truro mortgage brokers and agents offer a wide range of benefits. Here are a few reasons why home buyers in Truro,Nova Scotia are turning to brokers for help buying or refinancing their home.
What exactly does a mortgage broker do?
Mortgage brokers match borrowers to lenders that meet their financial situation. They are financial professionals who work with banks, monoline lenders, investors and more.
Is it worth using a mortgage broker?
A mortgage broker can help you access rates and lenders that aren't readily advertised to the market. They can shop the market for you without hurting your credit score with multiple checks.
How does a mortgage broker get paid?
They get paid through commissions by the lender. Commissions range from 0.5% to 2% of your full mortgage amount.
Do mortgage brokers charge a fee?
Mortgage brokers don't typically charge a fee as they are paid by the lender. However they may charge an additional fee if your financial circumstances are more complex than the typical borrower.
When should you consult a mortgage broker?
It's best to meet with a mortgage broker before you start shopping for a home. A broker can set a realistic expectation of what you can afford and give you a pre approval. Realtors are more likely to work with you if you have a pre approval as it narrows down the budget which you can afford.