When purchasing a property, it can be an overwhelming experience. Especially with the current real estate market when you need to make fast decisions and you need to get your questions answered quickly. Many think that their only option is talking to their bank where they do their daily banking to get their mortgage. The question is you’re your ever considered working with a Mortgage Expert? A Mortgage Broker?
There are many reasons why you can benefit from using a Mortgage Expert. A mortgage consumer survey conducted in 2015 by CMHC (http://www.cmhc-schl.gc.ca/en/hoficlincl/moloin/sure/fihosu/upload/2015-First-Time-Homebuyers-Survey.pdf) found in that 55% of first-time buyers reported arranging their mortgage through a mortgage broker.
The survey also reported that overall, recent buyers were satisfied with their experience using a broker (79%) and almost half (47%) “totally agreed” they were satisfied and 32% “somewhat agreed” they were satisfied.
The following are some reasons why you should consider working with a Mortgage Expert:
- Mortgages are our area of expertise
When you need a mortgage or are refinancing your existing one you will have questions such as. Where do I start? Which lender is the best fit for my needs? Which lender can offer me the best value? What are the real differences between mortgages? Which terms and features are the best for my unique needs?
Mortgage Experts have the answers. They work and have experience working with up to 200 plus lenders including big banks, credit unions and other lenders that only work with brokers. They understand the benefits of the various rate options, are familiar with the different types of mortgages and find the best mortgage for your unique needs. In comparison, if you approach your bank for a mortgage, they can only offer you a limited choice of their own products.
- Mortgage Experts find solutions that fit your unique needs
They will help you navigate the confusing and overwhelming road of the different rate types, mortgage options and terms while helping you find the best solution for your current circumstance and your long term plans. Mortgage Experts take the time to understand your financial needs and situation. In addition, to all of this, they help you avoid unnecessary risks and can save you money.
- Help you save time and money
Buying a house is time, energy and emotionally consuming. Finding the right home and finding the best mortgage that is right for you can take hours, days and even weeks if you were to do it yourself. Mortgage Experts do most of the leg work for you. They will research mortgage options, process your application, obtain the required documentation requirements and negotiate on your behalf. This means less disruption to your daily life and more time to focus on your home research and enjoy the process of homeownership.
- Multiple options for every client
Since each bank and lender have their unique guideline and programs. Mortgage Experts are able to assist clients with different situations. They are able to help if you don’t have sufficient funds for the down payment or/and closing costs. If you are self-employed or own your own business making it difficult to verify their income or if you have credit blemishes.
- The services of a Mortgage Expert are free
Yes, Mortgage Experts are paid their fees by the lender, not by the person who is using the mortgage broker’s services. There is no cost for the client.
Before you start shopping for your home, contact a Dominion Lending Centres Mortgage Expert to assist you in your road to homeownership.
Thank you to my Dominion Lending Centre Colleague, ALISA ARAGON for this great article!