4 Big Mortgage Myths You Shouldn’t Believe

Are you planning to get a new mortgage? If so, there are chances that you might have a few misconceptions. There are many misconceptions that might take your time and money because of a delay in your investment. Getting a mortgage is an important decision and you cannot compromise on that. There can be many reasons that might obstruct your way in getting the best mortgage for you.



Here are four of the big myths busted about the mortgage that you better don’t believe. 

Going straight to the bank saves you money
You might be thinking about getting a mortgage loan directly from the bank to cut the costs of a mortgage broker. It is better to learn that it might not really do so. You may be charged more than necessary by your bank because you have been a loyal customer and they know that you will accept the very first quite given to you. This is where a mortgage broker can save you. He will help you shop around to get the best rates for you.

You have to pay your mortgage as fast as you can
You might have thought of paying your mortgage before the term ends. But it doesn’t work always. The money that you will use to pay off the mortgage can pale when compared to using the same money to invest somewhere. You might get an interest from the investment that is much more than your mortgage. Moreover, your mortgage can also serve as an important tax deductible.

Pre-approval leads directly to a loan
For pre-approval, you provide your lender with the important documentation to perform a check on your financial background and credit score. Doing so can provide you with a clear picture of the mortgage that you can afford. You must know that pre-approval is a conditional commitment. Anything can happen at any time. A mortgage broker can help you throughout the process and enhance your chances of getting a mortgage.

If you are looking for a mortgage in Canada, you must visit the official website of RateShop.ca. We show you the best mortgage options in accordance with your needs so that you can make an informed decision. Visit our official website to learn more about our services.
Location: Mississauga, ON, Canada

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