Home Buyer Beware

All of the team here at PUNEET GARG EXPERT MORTGAGE strongly suggest that you review the guide below before beginning the home buying process. The guide has been organised into a question and answer format so that it can be easily digested and referred back to. Should any additional questions occur to you while reviewing this information feel free to get in touch with one of our experts who will be happy to answer any questions you have. If there are other questions you need answered, then please click on the "Quick Application" button at any time.

When applying for a mortgage through PUNEET GARG EXPERT MORTGAGE do I pay any fees?

As a borrower, you pay us nothing, our business model is based on the lender paying us for presenting you as a client. Unlike bank employees we do not receive an hourly wage, rather we are paid a finder’s fee per successful client processed. This keeps us more motivated to find the best deals for our clients as we only benefit if they are happy with the deal we provide them.

Why can’t I find a better deal on my own?

PUNEET GARG EXPERT MORTGAGE will be able to find you a better deal than you would on your own for a number of good reasons:

  1. When a mortgage broker is negotiating with a banker, the banker knows that the mortgage broker is fully aware of the market rates that are available and will begin negotiating for their business at a lower rate than when dealing with a private individual.
  2. With each pull of your credit file your credit score will be slightly affected negatively. So, with each application you perform at individual institutions the score begins to deteriorate as you shop around. A mortgage broker will only need to pull your credit report once and shop around on your behalf. This is massively beneficial to keeping your credit score in good standing.
  3. The rates offered to consumers are often considerably higher than those offered to mortgage brokers. This is especially true of those advertised in the media, those rates will likely not be available to you based on your credit history and other details unique to you.
  4. Bearing in mind that using PUNEET GARG EXPERT MORTGAGE is free for borrowers, we can save you a great deal of time and find you the best deal.

By bank is offering me a great mortgage rate they promise is a “no haggle” deal… How are you able to find a better deal?

With the likes of PC Financial offering no fee checking accounts they may seem to be the most attractive option. However, we are proud to say that we consistently blow them out of the water when it comes to the best deal on mortgage rates. Our team is able to research and find the best deal on the market to suit your specific needs and situation.

How are interest rates decided by the lender?

Mortgage rates are based on bond yields. The most recent bond yields can be found on the Bank of Canada website at bankofcanada.ca. With this site you are able to track where the interest rates have been for over the last 10 years. You will notice that the bond rate is significantly lower than the rates often charged to consumers. This is because lenders add their profit margin to these rates.