Buying a property is among the most stressful thing you will ever have to endure. There is simply so much to get done and think about. Whether you are a first-time buyer or are trading up, moving to a new town or city or simply changing the type of home you live in, there’s a lot to be said for getting a reputable and respected mortgage broker to work with you.
A mortgage broker is not a lender, but someone who can help you find the best deal for your budget and needs. They will take away some of the pressure on the financial side and leave you with more time to deal with all the essential areas of buying your dream home. So, how do you find the best mortgage brokers, and where?
What is a Good Mortgage?
According to Pinksy Mortgages, a Vancouver mortgage broker with many years’ experience in providing great deals for satisfied customers, trying to find a mortgage without using a broker is a mistake. We tend to agree, as qualified and experience brokers such as this have access to many more options than if you were to talk to, for example, your regular bank. Mortgage lenders come in many forms and are not limited to the major financial institutions; hence you may find one that is best from a source only accessible by the broker.
Mortgages com in many different forms, and as such it may be difficult for the layman to understand the industry jargon that prevails. Things such as interest rates, APR, tracker or fixed, all of these are important to grips with an understand before agreeing to any mortgage deal. This is another reason a mortgage broker makes sense as they will be able to help you understand these terms and the effect they have on you before you have to choose a mortgage.
Furthermore, we have to consider the last 18 months and how the covid-19 pandemic has affected not only the housing market, but the mortgage market too. Many lenders had to rethink their products to suit the new emerging world that we are now entering, and as a result the deals on offer are some of the best mortgages that have been seen for many a year. How do you choose a broker? We have some tips to share with you.
Choosing a Mortgage Provider
The fact is that Canada’s housing market is undergoing something of a resurgence of late, and there is plenty of choice across all budgets.
Whatever you are looking to buy it is strongly advised that a good mortgage broker is your first call before you do anything else. Here’s a few tips:
- A local mortgage broker will be able to find the right mortgage deal in Vancouver for you, as they will have the experience to know where to look.
- Choose an independent mortgage broker rather than one allied your bank or other institution, as the latter will be tied to deals that their parent company offers.
- Do talk to more than one mortgage broker to find one that you feel you can trust and take advice from.
- Ask your real estate agents if they have a preferred independent mortgage broker as this can make your life easier and help get transactions through if the two parties are familiar with each other.
That’s a few tips that we hope are helpful in helping you find a mortgage broker who can ease the stress of getting the best deal and help you towards that new home you have been looking for.
SUBSCRIBE FOR MORE! HERE'S WHY:
1. You get 7 free books
2. You get the best money & productivity articles
3. You get the latest updates - all in one email per week