You’ve decided to move and are now searching for the perfect condo to call home. You’ve researched which neighbourhood you want to live in, what condo buildings are in the area, and even have a plan for which colour you want to paint your bathroom. However, before you find your dream condo, you should take a step back and check to make sure that the condo that you are looking at is within your budget. There is nothing worse than finding out later on that you have improperly budgeted or predicted that your mortgage rate would be lower than what you got approved for. You can spend endless hours researching, budgeting, and talking to people at the bank which can take up a lot of your time. But, how do you know which mortgage options fit your situation best? Work with a trusted mortgage broker like myself; I can help you navigate your mortgage options, rates, and solutions to buy you that dream condo.
It’s free to work with a mortgage broker when buying your condo
Yes, hiring a mortgage broker is FREE! Mortgage brokers are compensated by the lenders or banks they work with, which means you essentially have a free assistant searching for the best mortgage rate for you. An experienced mortgage broker can answer any financial questions that you may have when it comes to buying your home. They have industry-specific expertise and work closely with financial institutions and lenders, sharing the latest updates and information with their clients. They take courses, get certified, and follow strict industry guidelines to guarantee mortgage expertise. They also have flexible hours and are only a phone call away when you have a question about confusing mortgage terms or when you need last-minute advice.
How do you get the best mortgage rates?
When you work with an experienced mortgage broker, you can rest assured knowing that they have offered you the best interest rates because they have access to more lenders and mortgage options. They will shop around and find a rate and mortgage term that is best suited for your specific situation which will save you time, money, and stress.
You will 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 a mortgage payment because your mortgage broker is looking at the bigger picture. If you find your “dream condo”, your mortgage broker can review your financial assets and budget to see you you can realistically afford that property. If you already have an existing mortgage, they can help you switch to a new mortgage lender for a better rate. If you have bad credit, they can help you find an alternative mortgage solution. Typically working with a mortgage broker gets you pre-approved faster and will speed up the overall mortgage application process so you can make an offer on your dream condo with confidence.
Exposing the hidden fees
Keep in mind that the mortgage itself is only one aspect of buying a condo. You will have to factor in property taxes, maintenance fees, facilities fees, and other hidden costs. Many condo complexes have a list of amenities including parking spots, storage space, or recreational amenities such as access to a fitness center or pool. Your mortgage broker will educate you about potential hidden fees or 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 condo to make sure that you are fully aware of all maintenance and condo fees specific to the building. Doing so will help you properly budget your month-to-month expenses accurately.
One of the first (and most important) steps, before you start searching for a condo, is getting pre-approved for a mortgage. With my many years of experience as a mortgage broker in Barrie, I can help you get pre-approved while giving you leading financial advice to help assist you in purchasing your new home. If you are on the hunt for the perfect condo for you and your family, give me a call today at (705) 315-0516, or click this link to book an online consultation now. Together we will review your mortgage options, your finances, and your real estate goals to get you into the condo you’ve been dreaming of swiftly while ensuring the process is as stress-free as possible.