Mortgage Bytes is a new series of articles that details the state of the Canadian mortgage market and evaluates individuals experiences with their home financing choices

The first installment of the series focuses on the challenges many people face when attempting to secure a mortgage for their home.

The article highlights that there are two main difficulties individuals face in the current market. Firstly, the article states that lenders have had to tighten their borrowing guidelines due to the financial crisis, resulting in some individuals being unable to acquire a loan for their desired amount. This presents an especially difficult situation for those who have been preapproved for a loan at certain levels prior to the market downturn. The second challenge faced by many borrowers is that the cost of credit has increased, making it more expensive to borrow money.

The article focuses on how to overcome these obstacles by discussing different strategies and options available to those looking for a loan. It encourages individuals to find out what type of mortgage best fits their needs, as well as learning about the different rates available from different lenders. Additionally, it advises people to consider alternative financing options such as government loans or private lenders, as there are usually less stringent requirements and they often have lower interest rates. Finally, the article suggests that borrowers should not be afraid to negotiate with lenders in order to secure the best deal possible.

In conclusion, Mortgage Bytes provides a comprehensive overview of the mortgage market landscape, as well as insights into strategies for obtaining a loan. Despite the challenging conditions in the market, individuals can still find ways to acquire mortgage financing. By taking the time to research and compare different lenders and their offers, as well as considering alternative financing options, individuals will have a better chance of finding a loan that meets their needs and financial situation. Negotiation is also an important skill to learn when securing a loan, as this can help borrowers achieve better interest rates and loan terms.

This article was contributed on Nov 10, 2023