So you've decided to jump head first into purchasing a home. Congratulations! It's time to take the first step in your home buying journey - getting a mortgage pre-approval to find out how much house you can actually afford.
You may be tempted to run to your bank and start the mortgage application process but there is another way that has some major advantages. Working with a Mortgage Broker is a great alternative and here are my top reasons why.
You may be tempted to run to your bank and start the mortgage application process but there is another way that has some major advantages. Working with a Mortgage Broker is a great alternative and here are my top reasons why.
- Mortgage brokers compare loans and rates from multiple lenders to offer you a greater selection whereas a traditional bank can only offer you their mortgage products.
- Mortgage brokers (like Realtors) have your undivided loyalty and work in your best interest.
- They may be able to offer you a discounted rate that you would otherwise not be able to acquire on your own as they often have relationships with lenders and can negotiate a lower rate.
- If you're having trouble qualifying for a loan, a mortgage broker can access B-lenders who offer easier approvals, although sometimes at a slightly higher interest rate.
- Mortgage brokers are paid their commissions by the lender so their services are free to you!
Particularly in a seller's market, it is extremely important to secure that financing pre-approval. Firstly, it will keep you true to yourself in not overbidding on a property and second many seller's are asking for proof of pre-approval to accompany any offers to purchase.
If you're looking to start the journey and need a recommendation for a fabulous mortgage broker send me an email
Posted by Shannon Sharma
on
Leave A Comment