Mortgages taxing for most Canadians

A recent survey undertaken jointly by ING Direct and Angus Reid found that as many as 66% Canadians find it really difficult to get a mortgage, while just 7% think that the process involved in getting a mortgage is effortless or trouble free.

While 59% people who participated in the survey said that negotiating the interest rate is the most nerve-racking part of the process, another 55% participants were of the view that determining the appropriate term as well as payment schedule was most stressful. Others (35%) felt that absence of helpful client service from the lender was most difficult.

About 56% of the young mortgagors in the age group of 18-34 years, exploring and evaluating offers was the most complicated part of the process. This is comprehensible, as banks and firms run by trusts alone offer rates of more than 300 products - in addition, there are several thousand rates quoted by brokers, wholesale dealers and credit unions.

Hence, if you wish to find the best possible financing you need to personally get in touch with several lenders and make the appropriate queries. Alternately, you may engage the services of certified brokers to find the right offers and evaluate the options on your behalf.

However, you need to bear three things in mind. First, you just cannot completely depend on brokers to make objective information regarding rival products available to you. Very often the queries you don't make about mortgages, particularly regarding the mortgage agreement, that keep worrying you.

Consequently, you will be required to personally explore numerous sources to get the really best mortgage that suits you most. Normally, people decide on a mortgage that is reasonably good, as this saves them from lot of stress.

You should think that you have done a good job provided you have settled for a mortgage (including the mortgage type and term) within the best rate's 5 to 10 basis points; the flexibility of the mortgage suits you to plan for the next five to ten years; and the finance does not include unnecessary limitations.

While 34% of the former and present mortgagors said the mortgagees offered optimal help in obtaining their finance, 20% said it was the brokers who offered them maximum help in securing a mortgage. Another 13% participants said that their family and friends were most helpful during the process.

In general, the experience of the borrowers will largely depend on the aptitude and competitiveness of the mortgage experts, besides as well as customer service provided by them.

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