Why You Need to Talk to a Broker Long Before You Need to Start Your Mortgage
One of the key steps that many new homebuyers skip is having a meeting with a Hamilton mortgage broker before they start their mortgage process. Speaking to a Hamilton mortgage broker will help you to understand which mortgage options are available to you, as well as make real estate agents and sellers see you as an attractive option. Today we are looking at a few reasons why to talk to a broker long before you need to start your mortgage process.
Realistic Expectations
Hamilton mortgage brokers see this scenario a lot. A home buyer finds their dream home, only to realize that it’s just out of their reach financially. Some expect to be able to find zero percent down mortgages, however, in reality, they no longer exist. Also, putting less money down on your home purchase can mean more borrowing costs over time. By speaking to a Hamilton mortgage broker before you start your mortgage, you can really see what you are able to afford.
Pre-approval
Another mistake that people make is getting a “pre-approval” from their bank, or online quote thinking it’s a pre-approval for a mortgage. This isn’t the case though as it is typically just a a “rate hold” guaranteeing a certain rate if they are ultimately approved for the mortgage. Getting a a truy pre-qualification done by your Hamilton mortgage broker will prove to both sellers and real estate agents that you can actually afford to buy the home and that you are serious about investing in one. It also presents you as a buyer that is hassle and complication free. Your Hamilton mortgage broker will help you to get a true qualified pre-approval letter before you start.
Helps Get Paperwork Done Sooner
Applying for a loan means involves a lot of paperwork, such as pay stubs and tax documents. By going to a Hamilton mortgage broker early you can get started on the paperwork collecting process, making it easier when it comes time to finalize the loan. This will also lower the chance of a seller pulling out of a sale due to complications with the mortgage.
Know What You’re Paying
A Hamilton mortgage broker will go over all of the costs that you will need to cover, aside from the down payment. There are various closing fees, legal and potentially land transfer taxes as well that need to be considered when buying a home. Your mortgage broker can take the confusion away from all of the fees so that you know exactly what you will need when it comes time to close the deal
Getting the Best Deal
One of the biggest reasons to talk to a mortgage broker before you start your mortgage is that they are able to get you the best deals for your situation. Mortgage brokers have access to more lenders and sometimes special offers that you won’t get when going directly to a lender.
It’s beneficial for any home buyer to talk to a broker long before they need to start their mortgage application. A Hamilton mortgage broker will go over everything in fine detail, make sure mistakes are not made when filing the paperwork, and they know what to look for when choosing the best loan package for you. Using a mortgage broker also makes you more appealing to sellers because it shows you have all of your paperwork together and are able to afford the home you want to buy, rather than just being someone who is “just looking”.