Expert: Cinzia Dalgarno - 6/18/2010

Question
My husband and I are looking to move to Newfoundland from Alberta. Do I look for mortgage lenders there or can I look here get all the pre-approval and whatever paperwork done here. Or do I have to contact a broker out there to look for a mortgage for us out there.

Answer
Hello Karen. You need a broker who can do mortgages in Newfoundland to help you - no, you don't have to go to Newfoundland to find one, many brokers can place mortgages in other provinces. Find a broker you can trust, and ask them if they can get you a mortgage in Newfoundland - they'll let you know right away yes or no.

You would want to find a realtor in Newfoundland - in fact, you'd want a realtor that is popular/familiar in the specific town you wish to live in, to help you find just the home you need.

A broker will need the property address that you wish to purchase, in order to get you a real approval - typically lenders who provide "pre-approvals" are in actual fact giving you a rate guarantee - once you find a property and send in the purchase agreement, that is the time they actually review your application. So your first step is to find a broker - they will be able to tell you, by looking at your full application, what price range you should be shopping for. Once you find a home, go back to the broker with your purchase agreement, and they will do the work to get you a mortgage.

Hope this is helpful to you,
Warm regards,
Cinzia
mortgagebycinzia@gmail.com