<p>Phase 6: Deal Signed, now how do I pay for my new home?</p>
<p>Don't Automatically Use the Builder's Lender. Some Builders will offer this to you as part of the package, but do spend some time thinking about the option.</p>
<ul>
<li><span>Builders may prefer you use their own lender that way they are kept fully informed of your personal progress. It sounds good right - one-stop shopping for you, but remember as your Dad/Mom is once again saying “Nothing is for Free”. It is possible the builder's lender might not offer you the best deal. Conversely, the builder may own the lending company and that could indeed get you the best deal, just check all your facts.<br /> </span></li>
<li><span>Consider alternate sources to </span><a href="https://www.theglobeandmail.com/report-on-business/mortgage-seekers-wonder-broker-or-bank/article34786155/">find a lender</a><span>. Your own bank or another institution or a mortgage broker, might offer you very attractive rates and terms, based on your banking history with that institution. If you chose to work with a Real Estate Agent they may be able to refer you to other lenders.<br /> </span></li>
<li><span>Shop around and </span><a href="https://www.theglobeandmail.com/real-estate/mortgages-and-rates/are-you-getting-the-best-mortgage-rate-5-questions-to-ask-your-broker/article9251384/"><span>interview your lender.</span></a><span>Find a banker or </span><a href="https://www.ratehub.ca/bank-vs-mortgage-broker"><span>mortgage broker </span></a><span>whom you can trust and with whom you feel comfortable doing business. Remember if you have a house to sell you may wish to </span><a href="https://www.ratehub.ca/blog/porting-or-transferring-your-mortgage/"><span>port your mortgage</span></a><span>with you to the new home.<br /> </span></li>
</ul>
<p>You can order your own <a href="http://www.cbc.ca/news/canada/how-to-check-your-credit-report-1.1185975">free credit report</a> before shopping for a new home.<span> </span>In fact, ask them to qualify you based on your copy of the report and NOT to pull your credit report until you advise them to do so. This way you can shop around without each lender pulling your credit, and eventually choose one. As long as nothing has changed in the copy you gave them it should be fine, but some lenders won’t allow this as they know that is exactly what you’re doing and they don’t want you to shop it around.<br /><br /></p>