A common question for anyone looking to buy their first property is where to find a house and how to finance it which requires two people – Realtor and Mortgage Agent / Broker. Finally, you’re ready to get into the real estate market. You’ve been saving up for years, working on your credit score, and you feel it’s time to start the home-buying process.
You’re just not sure where to turn for the funding to ensure you get the best mortgage rate and unbiased advice. You’re unsure about many things at this point, let me break it down for you in a nutshell.
What does a Mortgage Agent / Broker Do?
You may wonder why you need a broker because you’re unsure how they can help when banks are the ones with the money. The difference between going through a bank versus using a mortgage broker is that the bank can only represent offers from their specific institutions. On the other hand, mortgage brokers work with multiple lenders, providing more variety.
A broker will shop you around to different lenders as an intermediary to have more options when it comes to obtaining a mortgage.
The role of the Mortgage Broker / Agent is to collect all your paperwork and search for the best mortgage rates through different lenders so that you don’t have do this alone. They look at your credit, income, assets and liabilities and match the best lender which fits your unique financial situation.
How much does a Mortgage Agent / Broker Cost?
Lenders typically pay mortgage agent / broker a referral fee based on bps points, which means you don’t incur any additional costs from using my services.
Is Mortgage Agent / Broker Better than a Bank?
Dealing directly with Banks is a personal choice and because you might have an existing relationship with them, it might seem easy. But that’s not always the case. Banks normally also work only with A+ clients only also since huge sum of money is involved. Based on financial situation, banks might not work with everybody hence that’s where Mortgage Broker / Agents come in to find you the best rates based on your credit score, affordability, income and offer you Type B or private lenders which will better suit your needs. They provide you with a tailor made realistic approach to home buying which makes you more financially stable in the longer run.
What are the Pros of Using a Mortgage Agent / Broker ? because there are no Cons…
All Good Vibes !
- You save time. They will handle all of the applications for you, and you don’t have to worry about applying for multiple mortgages.
- Have access to a network of major lenders in Canada so your options are extensive. Mortgage Agent / Broker can help you take care of other requirements before your closing date, such as sourcing mortgage default insurance if your down payment is less than 20% of purchase price.
- We negotiate Mortgages on a daily basis, you can count on our market knowledge to secure competitive rates and terms that benefit you.
- Whether you are shopping for a new home or deciding to refinance your existing home, we can help you shop for a preapproved mortgage which will lock the rate for 90 or 120 says. Once we receive a commitment from the lender, you can make an informed decision as to the product and rate.
- Once your mortgage is signed and paperwork is complete, Mortgage Agents are here if you need advice on closing details or even future referral needs.
- Lower mortgage rates. With access to more lenders, you can use a broker to find the best rates possible. Sometimes, they receive a volume discount from specific lenders. This can potentially save you thousands of dollars throughout the term of your mortgage.
- Protect your credit score. You won’t have to worry about your credit score since you won’t have to pull your score up every time you apply with an individual lender.
How to Find a Mortgage Agent / Broker ?
Like every Realtor or trade person, you want to make sure to research, interview and find professionals with experience and qualifications that will make your process easier.
- Research the professional (Read Reviews, search from them on the internet, check out their business profile pages)
- Make sure they are licensed (Go the FRSA website to look up if they are licensed professionals)
- Call them up and interview them, get their perspective on what they have to offer.
If you need someone who is trusted, dependable and looks after your best interest, lets connect at 647-560-3110 and experience the difference yourself.
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How Do You Decide if You Should Hire a Mortgage Agent / Broker?
Real estate house buying or selling and getting your finances in order is always a personal decision with no one-size-fits-all solution. However, it’s important to continually explore all options before making what could be the most significant financial commitment of your life.
When it comes to everything that says Real Estate. You have nothing to lose by contacting a Realtor and Mortgage Agent (like myself) to see what options are available to you. The goal is to find the best house and mortgage rate possible for your unique situation.
