A mortgage is one of the biggest financial commitments you can make, so it pays to shop around. Even if you have an excellent relationship with your bank, there’s no harm in exploring the option of obtaining financing from another company.
Talk to a Mortgage Broker. If you’re pressed for time, a mortgage broker can do your “shopping around” for you, and find the best rate available. Mortgage brokers will shop your deal around and find the best fit for you and your unique situation. They are available 7 days a week and in the evenings, and will come to your house if it's more convenient for you.
Before choosing a specialist, make sure he or she isn’t affiliated with a specific bank or lending institution.
Not all lenders are the same, different lenders have different approval criteria and monthly expense allowances, called Gross debt service (GDS) & Total debt service (TDS). It’s a good way of finding out how much you can borrow – and it speeds up the process once you’ve found the home you want to buy.