If you are buying your first home, congratulations! This is an exciting milestone in your life, but it can also be a stressful one. Buying a home will likely be the most expensive purchase you will ever make and securing financing to make the transaction happen can be both overwhelming and confusing. Enlisting the services of a mortgage professional can help simplify this process for you and ease the burden of stress many people suffer with when dealing with complicated financial paperwork
First things first, let us explain what a Mortgage Broker does. A Mortgage Broker is an independent, experienced and trained professional, who is licensed to represent a client and provide them with the most up-to-date financial advice based on their requirements. A Mortgage Broker’s primary role is to find and secure funding for their client’s mortgage financing.
While you could do all the legwork yourself, using a trained professional will save you time (not to mention a huge headache!) Because of the vast range of mortgage products available on the market today, shopping around can be a time-consuming process. Your Mortgage Broker has the expertise and knowledge required to find the best rates, will complete the paperwork for you, and will negotiate with lenders on your behalf to secure you the most desirable rates and the best financing option for your needs.
Choosing the wrong mortgage could prove to be a costly mistake. Mortgage rates can vary day to day, and because of their knowledge and their daily contact with lenders, a Mortgage Broker will know which lender to approach first to attract the most favourable rate. Additionally, using the services of a Mortgage Broker normally incurs no cost for the client – they are paid a finder fee by the lending institution once the loan is approved and closed, so their assistance and expertise will often cost you nothing.
Do you have a low household income, or perhaps a less-than-perfect credit report? A Mortgage Broker can help put together a favourable application for financing and negotiate a better rate for you than if you approach the lender yourself. Your Mortgage Broker is trained to present your mortgage proposal where and how it will get the most immediate, positive result.
Whether you decide to work with a Mortgage Broker or do the work yourself, it is very important that you are well-informed about your decision. For more information about the services we offer and we how we can help you secure the best mortgage solution for your needs, please contact us today.