Hurray !!!! My family is extremely enjoying the new house, thank you so much Adam for your assistance in getting a mortgage. Adam was professional, personable, and full of great advice and guided us throughout the entire process. He was able to get us a good rate and truly responded to all questions and concerns immediately. Happy to get a man like you Adam, I will highly recommend you to my friends in the future. Have a good luck.
Home Buying Made Easy.
You work hard for your money, let me work hard for you.
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Which Lender is Best For my Financial Situation?
Your mortgage broker will need to assess your finances before they can determine which lender is most suitable for you. All borrowers are different and will, therefore, different lenders will be best suited for some and not for others. Working with the lender that best fits your current financial situation, with the least amount of risk should always be the number one priority of both you and your mortgage broker. You should feel comfortable and confident taking this loan, knowing it’s the right choice for you.
Is There an Origination Fees?
Occasionally, lenders will charge an origination fee. Ask your mortgage broker if you’re subject to these fees and if so, how much will it cost you? Also, consider asking if there is any way for the origination fee to be waived.
Is a Fixed Rate The Best Option For Me?
Considering the constant fluctuation of interest rates in the market, it may be advantageous to lock your loan with a fixed interest rate. If you feel like interest rates may increase sometime soon, solidifying your loan with a fixed interest rate is a smart way to keep your interest rate from increasing during your first term.
What Interest Rate Will I Qualify For?
The interest rate that you qualify for will affect your overall cost of borrowing. If you’re able to qualify for a lower rate you’ll end up saving thousands. On the other hand, the higher your rate, the more expensive your loan will be and potentially more difficult to manage.
What Are The “Hidden Costs”?
While the term “hidden” might be a bit strong, there are in fact many fees associated with applying for and being approved for a mortgage. This is why it’s so important to ask your mortgage broker about every fee you’ll need to pay, this way you can budget accordingly.
You should expect to pay a variety of fees, including but not limited to the following:
- Appraisal fee
- Credit pull fee
- Land transfer fee
- Lawyer and notary fees
- Recording fees
- Title registration
- Home inspection
Is There a Penalty Fee For Prepayment?
A prepayment penalty is when your lender charges you a fee to pay off your mortgage earlier than originally agreed. The reason that this penalty exists is that when a lender provides a mortgage to someone they are counting on making a specific amount of money off of that loan. If you pay a mortgage back sooner than planned, the borrower doesn’t make as much money from interest and therefore charges a fee.
Questions you can ask regarding the prepayment penalty is as followed:
How much will the penalty be?
What are the terms of the prepayment?
Will I be charged the penalty if I refinanced my mortgage later on?
How Large Should my Down Payment be?
Most first-time house buyers assume the larger the down payment, the better mortgage rate you’ll receive. However, this is completely false, as you can give as little as 5% and still get the same mortgage rate as those who put down 20% or more. Your mortgage broker can provide insight and advice on just how much of a down payment is appropriate for the house you want to buy and the life you want to live.
Can You Provide me With a Loan Estimate?
An estimate of all the fees you need to buy during the mortgage approval process is called a loan estimate, which your lender is required to give you. This amount, which includes all costs associated with your loan, will be provided when your application is finished. Make sure to ask about these fees if your mortgage broker doesn’t initiate the conversation as these charges add up quickly.
Can You Guarantee That my Closing Will be on Time?
It’s important that you make sure your mortgage broker can guarantee an on-time closing for your mortgage, especially for those who are under a strict timeline. If your lender is unable to close your mortgage on time you may need to deal with extra expenses, for example;
- Rescheduling movers
- Find a place to live while you wait to move
Meet Adam Ghotme
As an Edmontonian, born and raised, I am proud of the place that I call home and believe that you should be too. Committed to progressive solutions and the highest standards of integrity, I build mortgages that work for you. With rates you can trust and a process that you can rely on, I take the stress out of buying a home. Enjoy a professional experience with a personal touch. With competitive interest rates, I leverage my relationships with the banks and mortgage lenders to get you the mortgage you deserve. Not everyone has the same financial needs; explore the opportunities that I can offer you.
I specialize in new homebuyers and rental/investment properties. I also hold extended expertise in debt consolidation, bankruptcy discharge, divorce separations, people who are new to Canada, and more. With access to the best rates and products, I am devoted to finding you financial comfort.
It’s simple; I understand the value of a home and I’m here to make your dreams a reality. Trust the process and know that I have your mortgage solution. Believe in me, believe in your future, and believe in the lifestyle that Mortgages by Adam will offer you.
Years in Business
Why Choose Mortgages By Adam?
Save You Time
I will help you save time and do all the legwork when it comes to paperwork and negotiating with a lender. On top of that, I can help you get preapproved for a mortgage. And, going forward, I can be your personal contact for everything related to your financing.
I work hard at ensuring your mortgage experience goes smoothly, all the way through to the closing. I work with all major banks and lending institutions and know-how to present your application and improve your chance of approval. I’m not done until you’re 100% satisfied.
I have the negotiating power because lenders compete for my business. To you that means the best rates and terms for your individual needs. I will act in your best interest and do all the negotiating to secure competitive rates and terms that make sense for you.
No Cost To You
Mortgage Associates are paid by lending institutions which in the vast majority of cases means there’s no cost to you and no surprises. Even after your successful mortgage transaction, I will continue to be a great resource for advice, queries or future referral needs.
Chinna Samy Thangaraj
Thank you Adam for the help in getting us our mortgage, Although I haven’t even met you in person you made the process of getting our mortgage very easy online. If your busy people like us who find it very hard to find time to do anything outside a busy daily life, give Adam a call he will make it as effortless as possible.
Adam is very knowledgeable and forthcoming with his guidance… during what could normally be a very stressful process. Instead, we found the home purchasing process very easy to understand; Adam took the time to teach us very valuable information on how to reach our home buying goals – and in a respectful manner that we felt so appreciative of. We look forward to working with Adam in the future.
My husband and I wanted a vacation home in BC, but we weren’t sure if we would be approved for it. In less than a week, Adam had found us a lender with a better interest rate than our primary residence, and it required less down payment than we originally thought we would need. One visit to his office later and it was a done deal. It was the most painless mortgage experience we have ever had. We definitely recommend Adam to anyone looking for a mortgage. Thanks Adam!