1. Check your credit! Unaddressed mistakes on credit reports can slow the mortgage application process or stop it altogether, potentially costing you that property you want. Financing based on incorrect information can result in a much higher interest rate, so be sure to fix any errors on your credit report well before home hunting or applying for a loan.

2. Compare products. Loan structures – rates, terms or fees – may have changed significantly since you last applied for a mortgage. A mortgage broker's job is to do the comparison shopping for you, something that could potentially save you thousands of dollars.

3. Avoid choosing a mortgage based solely on the interest rate. For example, fees such as prepayment penalties can have a significant impact on the overall cost of the loan.

4. Get pre-approved rather than pre-qualified. Pre-qualification allows for an estimate of what a lender may lend you; pre-approval is a more formal process resulting in a firmer commitment.

Of course, it goes without saying that working with a mortgage broker you're comfortable with and confident in is a great first step towards securing the right home loan! Please call today for a no-obligation discussion.

From The Virani Team November 2015 Newsletter - Courtesy of Market Connections Inc.