Are
you thinking of buying a home? Maybe your first? This can be a life-changing
experience that can be both an exciting and exhausting process. Homes
purchases are generally the biggest purchases of your life.
Not something that you should rush into without a lot of preparation. Beyond
using a Realtor the next best helper in this process is your mortgage
broker. These are my reasons why:
•Definition of
a mortgage broker: a professional that is
trained to represent you (the
borrower) when you’re seeking financing from a lender (i.e. bank, credit union,
etc.).
When you deal with a bank their representative represents the banks best
interest. When you deal with a broker they represents your interests and long
term goals. Canadian
mortgage
brokers work on a daily basis with a variety of different lenders and have an
in-depth knowledge of the lenders’ products and terms.
Different lenders specialize in different types of clients.
•How
much
does a Mortgage Broker Cost? Best of
all, their services are completely FREE! Mortgage brokers are compensated by
the lenders (not by you the borrower) once a mortgage is completed.
•What
your Mortgage Broker Can Do For You. Help you
determine how much you can qualify to borrow and then from there
determine what you can comfortably afford. They tell you
all about the different mortgage products and help you to find the right one
for you.
They give you a
better understanding of what a mortgage lender is looking for in a borrower.
They compare different
lenders to help find you a lower mortgage rate. They also explain to you how
different debts reflect your credit ratings.
•Arrange
a Pre-Approval – which will hold your mortgage rate for
up to 120 days.
•If
you don’t qualify for a mortgage, they can give you tips on how to improve your
credit score.
•Walk
you through all of the final paperwork required for the mortgage approval.
•A mortgage
broker will help you understand and
simplify the process, as well as explain to you different options, different
financing solutions, and get your loan
approved at the lowest mortgage rate based on your very own personal situation.
For instance they may suggest moving money around to help with approvals.
•
If
you need the name of a good mortgage broker feel free to send me a message
or
give me a call at 519-532-6600