Getting Mortgage Quotes on Houses to Buy in Kelowna

If you’re looking at houses to buy in Kelowna, getting a mortgage is probably on your to-do list. And if you’re like most people, you might be thinking about taking the first offer you get. This often feels like the easiest course of action when purchasing something as big as a home. But saying yes too quickly to a mortgage can cost you thousands of dollars over time.

Why Get Multiple Quotes When Looking at Houses to Buy in Kelowna?

The truth is, getting more than one mortgage quote isn’t as hard as it might seem. In fact, you can often get a few quotes online within just a few hours. Some people worry that asking for quotes from different lenders will hurt their credit score, but that’s not really how it works. As long as you collect quotes within a short period of usually two to four weeks, your credit will only take one small hit, not one for every lender.

So why should you bother with more than one quote? Because even small differences in mortgage rates can lead to greater savings. If you’re buying a $500,000 home in Kelowna and a lender offers you a rate just 0.25% lower than another, that could save you about $60 a month. That’s more than $700 a year. Over the full mortgage term, that could add up to $18,000 or more! 

Getting multiple quotes also gives you power. If your preferred lender sees that you’ve been offered better terms elsewhere, they may lower their rate to keep your business. That kind of negotiation can only happen if you’ve done the work of collecting other offers.

And don’t forget, you have options. Banks, credit unions, mortgage brokers, and even online lenders all provide mortgage quotes. Some people like working with mortgage brokers because they shop around for you, which saves time and effort.

If you’re ready to start looking at houses to buy in Kelowna, don’t skip this step. Contact me today for help getting in touch with financiers. I look forward to working with you in the near future! Don’t forget to visit my brokerage’s website for more content like this.