“I will help you secure the lowest mortgage rate,”
“Get pre-approved before you start your house hunt,”
“It IS possible for you to afford a home!”
These are all statements you must have stumbled upon when looking into the big scary world of mortgages as a first-time home buyer. Don’t let mortgage unknowns scare you off. I’m here to help you understand why working with a mortgage broker is the best decision you can make when looking to purchase a home. I’ll also touch on how working with a mortgage broker saves you money. At the end of the day, you want to start a new chapter in your life, and still be able to afford the activities you love instead of being in debt. That’s when a mortgage broker steps in to help steer you in the right direction and get you on the fast track to buying your first home in Ontario.
Let’s break it down. What do mortgage brokers actually do?
Having someone do all the hard work of finding you the best deals for your mortgage seems too good to be true… huh? Well, that’s essentially the main goal of a mortgage broker; to help you achieve the lowest mortgage rate from a reputable lender.
With so many different mortgage types, rates, and downpayment options, it is always a good idea to get expert financial advice from a professional mortgage broker ahead of making an offer on a home. You’ll have a better understanding of what you can afford, how far your current assets will stretch, and how much you can comfortably live with in terms of your regular mortgage payments.
The mortgage itself is only one aspect of buying a home. If you’re switching from an existing mortgage, with a refinance or when you sell your current home and buy another there are many other considerations you’ll want to keep in mind. For now, we will focus on first-time mortgages.
How do mortgage brokers get paid?
Working with a mortgage broker is free because they are compensated by the lenders or banks they work with, which means you essentially have a free assistant searching for the best mortgage rate and options for you.
The top reason why you should work with a mortgage broker
The most obvious answer is that you will secure the lowest mortgage rate possible and you will fully understand what your responsibilities will be when it comes to your mortgage and what all that jargon means! This saves you lots of money in the long run by reducing your interest rates per month but, also by preventing you from accidentally incurring penalty fees along the way.
How do mortgage brokers save you money?
We save you the sudden realization of hidden costs:
Your mortgage broker will educate you about potential additional costs you may not have thought of yet, like your closing costs, lawyer fees, etc. It’s also smart to consult with your realtor ahead of making an offer to purchase a home to make sure that you are fully aware of extras like condo fees or home inspections. This ensures you’re able to stick to your budget!
We can connect you with a variety of different lenders to secure the lowest interest rates, and to ensure you get pre-approved…even if your application is lacking when possible.
A mortgage broker represents you in negotiations and has connections to a variety of lenders, loan types, rates, and discounts in a highly competitive market. This means that brokers may be able to provide you with access to lower mortgage rates than you could secure yourself at a bank. In addition, a broker can help you avoid lenders offering unmanageable payment terms or high rates. They can also negotiate with lenders to reduce or waive fees that can save you hundreds to thousands of dollars over your mortgage term. And, we go the extra mile when it comes to helping you get approved for the mortgage you need in tricky situations like if you are self-employed or maybe have had slight credit issues in the past.
A mortgage broker can help you save time in closing on a mortgage.
It is your broker’s responsibility to find you the best lenders and rates based on your finances. Your mortgage broker will make the calls, file the paperwork on your behalf, and coordinate with underwriters. Underwriters fact-check the loan approval process to ensure the finance information you provided in your mortgage application is accurate. They will verify that you meet all the requirements of the loan program you are applying to. They also ensure you file the necessary paperwork accurately to save time.
A mortgage broker can help protect your credit standing by checking your credit score only once.
If you contact mortgage lenders or multiple banks individually, your credit score is checked multiple times and the more inquiries that are made on your credit score raise red flags for potential lenders. Having your credit score checked by many financial lenders can even decrease your credit score. A mortgage broker on the other hand only needs to pull your credit report once, and will then submit that credit report to any lender on your behalf for reference.
Work with the best mortgage broker out there… Darren Robinson
In working with an experienced mortgage broker like myself, Darren Robinson, you will find the best rates specific to your unique financial situation. My commitment to you is not only to save you time and effort but to advise you as to how to navigate the mortgage world throughout your lifetime as a homeowner which could help save you thousands of dollars long term.
If you’re on the hunt for your dream home, give me a call today at 705-315-0516 or click here to book a meeting with me online or in person to talk about your mortgage options and available rates.