Bank mortgages
A mortgage from a bank, credit union or national lender. The lowest rates, for people who meet the bank's checklist.
What the lender looks at
Your credit report, your income as your pay stubs, employment letter or tax returns show it, and your debt ratios: how much of your income goes to housing and to other debts. You also have to pass the federal stress test, which checks you could still make the payment at a higher rate.
What it costs
The lowest rates of the three. Most bank mortgages carry no lender fee, and the lender pays the agent, so you do not.
How long it lasts
A term of 1 to 10 years, most often five, paid off over 25 or 30 years. At the end of the term you renew, ideally after comparing what other lenders offer.
Where Amar helps
Your own bank is one lender. Amar compares many, including lenders that do not have branches and only work through agents.
General information, not advice. What a lender offers depends on your credit, your income and the property.
Not sure which one you need?
You do not have to know. Tell Amar your situation and he will say which lenders are worth trying, and what each one would cost, before anything touches your credit.