Statistically speaking, most people get their mortgages through a bank. While there are a lot of benefits when it comes to getting a loan from a commercial bank, you have other options available as well. Here are a few places where you can apply for a Calgary mortgage loan besides a bank.
Mortgage Broker - Brokers serve as an intermediary between lenders and individuals looking for loans. Typically, mortgage brokers have access to a large pool of resources. They can help home buyers find a loan with the best terms for their particular situations. Most are paid a commission and must comply with banking and finance laws in the consumer's jurisdiction.
Direct Lenders - There are people out there who will lend you money directly to purchase a home. For the most part, these people will be friends or family members who have a large amount of cash they are willing to hand over to you. Arrangements like these typically involve a contract that lays out the terms of the loan such as the repayment schedule and interest rates. On the surface, this may seem like the best option but money has a way of ruining many relationships. Make sure you are willing to take that chance before you sign on the dotted line.
Credit Unions - Credit unions are much like banks. Unlike commercial banks, however, credit unions are owned by the members of the institution. In addition to receiving better interest rates and terms on your Calgary mortgage loan, you will often also receive better service. Credit unions are usually more willing to work with members who may have credit problems and the profits generated by the institution are funneled back into the local community.
Consider all of your available options when looking for the best mortgage for you. It could end up saving you thousands of dollars in the long run.