With interest rates nearing record lows, a good number of first-time homeowners wonder whether they should take the leap by buying property. However, before you sign the contract, you need to consider some important points. Buying a home is a major purchase and you will probably need a mortgage to actualize your dream of owning a home, especially if you have no cash up front. Thankfully, you can rely on a mortgage broker to guide you through the process. Below are important reasons for engaging brokers over traditional lenders.
- Hiring a Broker Saves You Time
A mortgage broker in Leamington does all the legwork, meaning the professionals handle the negotiations and the paperwork for you. Furthermore, they understand what must be done in order to get you pre-approval for a good financial deal.
- The Professionals Represent You
These brokers are financial experts and instead of working with limited options of available financial products provided by a single lending institution, a broker has links to many different lenders. As a result, you can rest assured knowing you’ll get the best deal (best-structured, best-priced product possible).
- They Help You Secure A Deal Even With Bad Credit Ratings
Due to the nature of the strict lending rules applied in Canada, individuals with bad credit scores, low income, unstable income, self-employed, or bankrupt find it difficult to secure home loans with traditional lending institutions. Fortunately, a broker can provide all the help you need by securing a loan for you even when you’ve been turned down by other lenders. This is possible because of their links with different lenders and various specialized institutions. Most of these institutions specialize in providing help to the individuals with bad scores to secure home loans.
- Lower Interest Rates
To get the best possible deals on your home loan, you would have to shop around and arm yourself with negotiating skills. The good news is that using a broker allows you to pay significantly lower rates. Remember, the experts have built good relations with many lenders, thus enabling them to negotiate for lower rates.
- A Broker Will Help You Identify Suitable Lenders
These credit facilities are complex and a one-size-fits-all approach does not work here because everyone has different needs and experts consider additional factors other than the interest rates. Since the brokers operate independently, they have a broad range of products to offer you. Therefore, hiring a broker essentially means that the expert will match you to a lender with a suitable product specifically meant to suit your unique needs.
- Expert Advice
The agents operating in Canada are licensed experts. Every independent agent has undertaken different courses, undergone extensive training, and passed exams. Even so, you should remember that no two brokerages are the same. Enquire about the level of experience of each potential broker you come across to make it easier for you to make the right pick.
If you wish to find out more about mortgages, you should not hesitate to consult a local mortgage broker near you. Talk to a specialist today and find out what is available for you, depending on your specific needs and requirements.