There is a little doubt that the biggest purchase of your life will be your home. When embarking on your home ownership journey, having the right support and information will make all the difference. Fortunately, as a mortgage broker I can help!
With access to more than 230 lending institutions including big banks, credit unions and trust companies, mortgage brokers are experts in mortgages. These connections provide them with a vast array of available mortgage products, and also ensures that the advice they offer is unbiased. A mortgage broker is a third-party service provider who gets paid no matter which bank they sign you with. This means they can provide the best rate AND unbiased advice because they are focused on helping you achieve your dream.
It is estimated there are nearly 20,000 mortgage professionals in Canada. With so many choices, it is important to find a mortgage broker who works best FOR YOU.
With so much information at your fingertips on any given broker, how do you narrow down the search? Tools like the Dominion Lending Centres – TLC Mortgage Group’s exclusive My Mortgage Toolbox app make it easier. The app is available on Google Play and at the iStore.
Some features available through this application include a variety of calculators to help clients determine:
- What you can afford
- The minimum down payment required
- Closing cost estimates
- Total monthly ownership costs
While mortgage brokers spend a lot of their time neck-deep in mortgages and tend to use industry jargon, a professional broker will understand if you are a first-time homebuyer and will do his or her best to explain the terms and the process to you. Understanding is vital in your home ownership journey, so make sure to seek out a broker who is going to keep it simple for you and be honest, allowing you to understand exactly what you’re getting in your mortgage.
When choosing the mortgage product that is right for you, don’t be blinded by interest rates. It is important that your broker explains everything to you from term conditions to penalties, as well as why you qualified for the rate you have been offered. Of course, the rate matters, but the characteristics of your mortgage matter more, and could end up costing you in the long run. You want a broker who’s going to listen to you and ask you about your needs and future goals. What are your plans five or ten years from now? Why are they so important to you as an individual? When looking at any mortgage product, consider that nearly 70 percent of mortgages are broken within three years. Even if you’re sure of your future today, life happens and tomorrow could be different. Therefore, you must consider the penalties for ducking out of your mortgage earlier and you should know if it is portable.
The best mortgage brokers in the business will make sure all of your bases are covered, and you’re fully aware of what you’re signing onto. The right broker will make the process easier for you, whether it’s buying your first home, shopping for a better rate, or even jumping into investment properties. No matter what stage of life you are in, we’ve got a mortgage product – and a broker – for that!
