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Top Frequently Asked Mortgage Questions

Hamilton Mortgage Broker - Top FAQ

When shopping around for a Hamilton mortgage broker, it’s always advisable to ask as many questions as you can.  After all, this is one of the biggest investments you will make in your life.  You want to make sure you know exactly what you are getting into, and what is involved in the mortgage process.  We’ve asked Hamilton mortgage brokers what questions are frequently asked by buyers.

What’s the Cost for Using a Hamilton Mortgage Broker?

In most cases, residential mortgage services are free to use.  An added bonus is that you end up saving thousands over the term of your mortgage when using a mortgage broker.  On the other hand, commercial mortgages tend to involve more complicated transactions and will have some fees. In any cases any involved costs or fees are always discussed early on in the process.  It’s best to call your Hamilton mortgage broker for details regarding your individual situation.

Why Not Just Use My Bank?

We work for you not the bank. When you deal directly with a bank you are dealing with an employee who’s job is to get their employer the best deal. It is our job to get you the best deal.

The traditional mortgages you get from your bank often aren’t very competitive when stacked up against the offerings available through your Hamilton mortgage broker.   

Whether you are looking to renew your current mortgage or get a new one, it pays to shop around.  Using a mortgage broker can save you a lot of time and money.  We often have access to special rates that aren’t usually available to the general public.  We are better positioned to negotiate a better deal than your bank because we have access to products and rates that are not made available through your own bank. A Hamilton mortgage broker will also work to find you the best deal for your situation.

Can I Get a Mortgage if I Have Bad Credit?

Hamilton mortgage brokers have access to a variety of lenders across Canada.  Even if you have been turned down by your bank, there are lenders who use different and more flexible criteria.  This means that, even with bad credit, you can often qualify for a mortgage.

Why Not Shop Around Yourself?

Every time you put in an application for a mortgage loan, the lender will pull your credit report.  This means, if you have a lot of credit reports that have been pulled up over a short period of time, it can impact and lower your credit score.  Using a mortgage broker means just one application gets filled and that can be used to shop around.  Mortgage brokers also have access to other loan products, and rate specials that aren’t made available to the general public. Let us do the heavy lifting and for most instances for free.

What Advice Do You Have for a First Time Home Buyer?

Your Hamilton mortgage broker is the best place to start before you begin shopping for a home.  They will help you get a pre-qualification for a mortgage, which means you will know exactly what you can afford.  This also works to streamline the process of buying for the real estate agent because they will only show you the homes that match your price range.

What if I Don’t Have the Traditional 20% Down Payment?

There are options available in this case.  For example, if you already have a home, you can use the equity to help with the down payment for a second home.   There are also mortgages that require less than the traditional 20% for those who qualify.

If you’re looking for a mortgage package or just have questions about the home buying process, give your Hamilton mortgage broker a call to clear away the confusion.

Get your free consultation today!