Obtaining a Mortgage is one of the largest financial commitments that Ontarians make. Every year more than 65% of first-time homebuyers avail services of Mortgage brokers in Toronto. Buying a home is not an easy decision. There are a number of choices in the entire Home Purchase process. One wrong move can have a significant impact on your financial wellbeing. If you’re a new home buyer, you might face some unplanned hurdles, like a bad credit history, or business uncertainties such as being a self-employed individual. To make a wise homebuying decision or to purchase your dream home which is worth your investments, you need a robust Mortgage and you need to qualify for the same. This is exactly why, going to a reliable and dedicated Mortgage Broker in Ontario comes into the picture.
Who is a Mortgage Agent?
While purchasing a home in the GTA, you might come across some Mortgage Brokers in Ontario. If you have no clue who or what a Mortgage Broker is, the following below information is crucial for you.
Mortgage brokers or Mortgage Agents in Ontario are licensed professionals who enter into a legal relationship with you and operate with a license. Mortgage Brokers/Agents help you in identifying the best available lenders and options so that you get exactly what you’re looking for. If you’re on the lookout for the best Mortgage, you should first confirm with prospective Mortgage Brokers in Ontario whether they will act on their behalf. The law states that a licensed Mortgage Broker in Ontario is required to give disclosure in writing to the borrower.
What Does a Mortgage Broker in Ontario Do for You?
- Evaluate your finances to find the right type of mortgage product for you.
- Review and compare planned Mortgages and verify that you match the lender’s criteria and check if the mortgage is appropriate for you
- Collect all the required information and records
- Ensure that all the records are in place and submitted in time for well-timed approval
- Negotiate with the lender on rate and term, coordinate during the Mortgage closing process and do the needful.
- To explain the entire application approval process and answer your queries, and assess the rate, terms and conditions of the Mortgage.
Why Should You Opt for a Mortgage Broker in Ontario?
Here are the top five reasons why you should always avail the services of a top-notched broker.
1. Saves you a lot of time and money
When you adopt a Mortgage broker’s services in Ontario, you surely save a lot of your time and hard-earned money. Imagine applying for a Mortgage to the lenders personally. Sounds tiresome, right? A reliable Mortgage Broker will do all the legwork for you. They not only fill in your shoes in front of the lenders but also find you a better lender who can offer a mortgage at lower interest and easy repayment terms.
2. Gives you Unprejudiced Advice and Offer Greater Choice
Client referrals are any Mortgage Broker’s best bet. As he works with several lenders, he/she will offer a piece of total unbiased advice that works in your favour. They work towards choosing the right lender that best suits your requirements.
3. Chooses the best Mortgage with Lowered Rates
Your Mortgage Broker might be working with a few lenders, bringing them higher bonuses. They also work as a negotiator with you, while connecting you with the perfect lender along with getting you a better Mortgage rate. A lower rate signifies lower payments, thus saving you money.
Using a Mortgage Broker vs. Going to Your Bank
4. Doesn’t Cost You Anything (Most of the time)
Most Mortgage Brokers are reimbursed directly by the lender, so they don’t charge a dime from the borrowers. When you work with a Private Lender who isn’t willing to pay any broker fee, you are needed to pay the fee. However, any trusted Mortgage Agent in Ontario will inform of such costs to you beforehand.
5. Helps you Improve and Protect your Credit Score
Applying to lenders for Mortgage approval is not only time-consuming but can also lead to a lowered credit score. And why does it happen- because every time you apply at a lender, your application takes a hard credit check. First-time homebuyers are often unaware that if they do several credit checks in a short span of time, it can impact your credit score. Going to Mortgage Broker will help you how- they pull your credit score only once, thus helping you secure it.
A Mortgage Agent is a bridge that closes the gap between you and lenders. In the process, they guide the borrower to have significant interaction with the lender. If you are in search of a solid Mortgage Agent in Ontario, Equity Mainly Matters is the place to be. We not only make mortgage processes easier for you but also go above and beyond in helping our clients buy their dream homes.