Part of ensuring you will have a successful, stress free, home buying experience is choosing the right team of professionals to assist you through the process.
The first step should be choosing the individual that will assist with your financing. Financing always comes first as it allows you to make educated decisions about the property types and neighborhoods that you can afford. For many Canadians, this may be their bank, or a Mobile Mortgage Specialist, but what you really should be looking for is a Top Tier Mortgage Broker. Unlike the other options, MortgageBrokers work for you and not the bank.
That means that you are the priority.Ensuring that you have a good experience and that you get the right mortgage product will be your Mortgage Broker’s main focus. They also have access to over 40 different lenders and products. So how do you go about choosing a mortgage broker?With plenty of options out there and thousands of brokers across Canada, ensure that you take the time to choose the right professional. Think of your mortgage broker as the star player on your home buying team. They ultimately will interact with all of the other pieces of the team and are responsible for ensuring that everyone is on the same page in guiding you into your new home.
What should you be looking for in a broker?
A good mortgage broker will likely have years of experience within the industry. Mortgage financing can be complicated and having someone on your side who has seen it all, definitely isa benefit. Just like any other industry, most mortgage brokers have a website where you can review their credentials, read reviews from past clients, and obtain a good feel for whether or not they may be the right fit for you.
This is important as you are looking for a professional that you can connect with and trust as you will be sharing your personal financial information with this individual and the right broker could be a partner in helping you grow your wealth through real estate for years to come. What should I expect the process to look like from a top tier mortgage professional?Even with all the right credentials, process is what separates the top of our industry from the rest.Upon reaching out to a professional, your inquiry or call should be responded to in a timely manner.
That first phone call will set the tone for the rest of your experience. A good broker will start to inquire as to what your plans and goals are, what’s important to you in regards to your purchase, what concerns you might have and then tell you a little more about themselves and how they can help. From there you should be provided a clear list of paperwork that would be required to complete a pre-approval for your file. An effective broker will be able to review your paperwork the same way a lender would, so providing your paperwork upfront ensures the figures discussed with your broker are correct and relevant. With your paperwork in-hand and your credit pulled, your mortgage broker should then take you through a detailed consultation explaining your credit, what your qualification looks like, how different down payment amounts impact your financing, what you can expect in terms of additional closing costs, and ultimately which rates and payments to expect. An experienced broker understands that while an interest rate is important, it isn’t the sole factor when determining the right mortgage product for their client. Your broker should always keep you informed as to where you are in the process, what is next, who is responsible and the timeframes required.
This ensures that you are never left wondering where you are within the process. Lastly, your mortgage broker should be accessible for advice and guidance even after the deal is done. Many lenders will complete the transaction and send you on your way with your debt, only to call at the end of the term when there is an opportunity for repeat business.Avoid this! You want someone who will actively monitor your mortgage and advise you of potential interest savings as well as changes within the market that could impact your future home ownership goals. You are ultimately looking to build a long-term relationship with someone who can always help guide you through whatever your real estate journey may be. For more information, don't hesitate to get in touch!”