It Pays to Use a Toronto Mortgage Broker

When looking for a good conventional or private mortgage, you’re going to want to work with a Toronto mortgage broker. They’ll be able to help you find the right first or second mortgage for you; here we’re going to talk about what you need to look for when hiring a broker and getting a mortgage. Make sure that you know who you’re working with before you consider any deals! So let’s find out what a mortgage broker is, what they do and how they’ll put your money to work for you.

What is a Mortgage Broker?

Mortgage brokers are like your go between when you need a mortgage; instead of going to a single lender and hoping you’ll get the right deal, you’ll know you’re getting it. They can negotiate down the lowest fraction of a percentage point on a second mortgage or even a private mortgage, but they’ll also be able to help you figure out what kind of financing and lender is right for you. You shouldn’t have to spend a lot of time and money finding the right one, and they’ll be able to work towards your interests and help you get the right deal.

How is Working with a Mortgage Broker?

If you’re trying to find the best second mortgage or private mortgage, they’ll be able to help you get there. They’ll first take down your information in a mortgage application, just like any other lender would. They’ll help you evaluate your application so you can spot any errors up front and avoid any problems during the application process. It’s a well-known fact that most lenders will give your application a cursory glance and if they spot anything wrong with them they’ll just throw them in the trash.

After making sure that your application is where it should be, they’ll help you apply to many different lenders. When working with a Toronto mortgage broker you’ll want to make sure that you apply to as many lenders as possible at once; when a lender first queries your credit report you’ll have about 2 weeks before it starts counting against you again. You want to get them all out of the way at once so you’ll be able to get what you need done now without hurting your credit.

What is Right for You?

Figuring out what’s right for you when it comes to a Toronto mortgage broker can be difficult, but they make the process a whole lot easier. From finding errors in your paperwork to figuring out what you can do to repair your credit before finding the right lender, they make applying easier. When you’re ready to apply, they’ll be able to help you find the right second mortgage, private mortgage or any kind of mortgage. There are many different kinds of lenders, and unless you’re the best negotiator you may not be able to get the best rate; let a Toronto mortgage broker help you find what you’re looking for and save money today.

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Three Ways Mortgage Brokers Help First Time Home Buyers

If you’re a first time home buyer, you may not know that you have options for loans! You’re not just dependent on a bank to give you the best deal, and depending on the size of your mortgage a mortgage broker will help you get the best rate for a steal of a deal. One thing you need to know is that a Canadian mortgage broker is the best option for first time home buyers; you’ll be able to talk with them face to face and ask questions you may have about the process.

Someone You Can Talk to

Banks are notorious for not picking up the phone when customers call, and if you have a question about interest rates you may be out of luck. Loan officers are over worked and underpaid, often are just trying to meet a quota. Your goals are not their goals, and they’re trying to maximise the profit for the bank not the benefits to you. With an experienced mortgage broker, you’ll be able to speak with someone on the phone or face to face, ask how the process works and really understand what you’re signing up for.

Get Better Rates

If you’re getting a $250,000 mortgage at 4%, you’ll pay $10,000 a year in interest. If you get a 3% interest loan for instead, you’ll only pay $7500 a year. Over a 15 year period you’ll save almost $38,000 in interest, so those little percentage points make a big difference! There are many different mortgage brokers on the market (especially online), but it’s best to go with a Toronto mortgage broker who has the relationships with the lenders to get you the better deal.

Someone Who Works for You

Since they’re hired by you and only paid when the transaction is completed, you’ll be able to get a second mortgage or a first mortgage to buy your dream home or pay down your debts. They’ll be able to help you know how much money you have to spend on a home and get prequalified before you even start shopping for a new home. You can save yourself a lot of heartache when the bidding wars begin when you know what your true budget is before you start looking at homes that are just too expensive.

What a Mortgage Broker Actually Does

When you want to buy a home, refinance your current mortgage or take on a second mortgage, a mortgage broker will help you get it. A mortgage broker is an independent agent that works for you, and is typically paid after the deal is complete. They’ll give you a wider variety of choices in different lenders and interest rates, so you usually will get a better deal. Depending on the size of your mortgage, the savings will be different.

So now you know how mortgage brokers help first time home buyers get the best deal for their money; they provide a better experience and more attention than a traditional loan officer.