Mortgage Broker in Calgary Alberta Canada

5 Insider Tips From CIBC Mortgage Broker (You Won't Believe #3!)

There's a lot of information out there about purchasing a house or refinancing, but nothing beats intimate guidance directly from the source. We got the chance to speak with a veteran mortgage broker with CIBC, and let's just say... he didn't hold back.

These five tips might save you significant time and money, whether you are a first-time purchaser, a smart investor, or simply interested in learning how to maximise your mortgage payments.

1. Pre-Approval is a Power Move, Not Just a Formality.

"Most people believe pre-approval is just paperwork; in fact, it is your first negotiating weapon.

Himanshu underlines that a pre-approval enhances your hand in the offer process; it's not just about knowing your budget. Sellers are more serious about bidders backed by a big-name lender such as CIBC. Extra advice? Organise your papers early to lock in prices and prevent shocks.

2. Rate Is Not Everything; Examine the Fine Print

A super-low rate might include undisclosed fines or limitations.

Himanshu warns that pursuing the lowest rate may not always be the best option. Some "teaser" rates come with rigid clauses like early repayment penalties or limits on refinancing. Always request the entire borrowing expense, not just the rate.

3. You Can (And Should) Bargain With Banks 

"Yes, even with a major bank like CIBC—you can negotiate, especially if you know what to ask."

Do you believe a bank is unbreakable? Reconsider. According to Himanshu, a decent broker understands how to place your paperwork for improved conditions. Discounted rates, eliminated fees, or more flexible terms can provide some leeway—if you know where to search.

4. Your Credit Score is not the Only Thing That Counts.

Lenders consider your whole financial narrative, not just a figure.

Of course, your credit score matters; however, it's not everything. Income stability, debt levels, and even your career all play a major role. Himanshu underlines the need to pack your application correctly, particularly for self-employed consumers or first-time visitors to Canada.

5. Refinancing Could be the Best Financial Decision You are Overlooking

Refinancing might save you thousands or enable you to accumulate money more quickly with the correct timing.

Rates of interest fluctuate. Living changes. Many homeowners, according to Himanshu, are sitting on equity goldmines but are unaware of it. A well-timed refinance might pay for a refurbishment, combine debt, or assist with a second property investment. Strategy and timing define everything.

Finally 

One of the largest financial choices you will ever make is purchasing a house or refinancing one. Having someone like mortgage broker Cibc on your side, who understands the system thoroughly, can make a significant difference.

Should you be considering your next mortgage transfer, don't do it alone. Gain insider knowledge; steer clear of expensive mistakes; and maximise your financial strength.

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