Blog | Mortgage Advice in Ontario

First time home buyers find solutions with mortgage brokers in Stittsville

September 2, 2019 | Posted by: The Mortgage Captain - Ottawa, Toronto and Ontario Mortgage Brokers

No home buyer wants a mortgage that is complicated, demanding and with plenty of loopholes. Mostly a home buyer’s focus is on mortgage professionals who provide efficient and practical mortgage solutions. Mortgage brokers can be found in every suburban community of Ottawa. But some knowledge about the matter makes it easier to decide whether you want to go with a bank or a mortgage broker.

If you are a first time home buyer and have never had any interaction with any mortgage broker in Stittsville, here are some obvious questions which will surely bother you.

What do brokers do?

Mortgage brokers are essentially parties arranging transactions between a loan seeker and a lender. They are expert negotiators having the right skills and firm knowledge of matters like loan consolidation, home loans, mortgage refinancing and similar debt jargon. Hiring an accredited mortgage broker in Stittsville most often proves to be a wise decision because they can provide the best possible solution for home buyers or investors.

Why a mortgage broker?

Mortgage brokers are professionals. You may spend sleepless nights thinking about the lending process and the paperwork but taking help from a broker makes things easier. Most brokers have a strong network with lenders, so they can offer their clients some of the best available solutions.

Do I have to pay a fortune?

This is a genuine question asked by every person planning on hiring a mortgage broker for the first time. The best part about engaging a mortgage broker is that it is the lender who pays him the brokerage, saving some bucks for you. If you work directly with a lender you may have to incur application, processing and appraisal fees, and also other expenses. Some of these costs, running into hundreds and thousands, may be waived off when a mortgage broker mediates.

Can I discuss my financial problems with a broker?

The main objective of mortgage brokers is to provide advice and superior services to their customers. This includes understanding their mortgage requirements. Once you have decided to work with a mortgage broker, whether it is for purchase of a new home or commercial property, refinance an existing property or debt consolidation, the mortgage agent will help you in the process. It is almost impossible for individual property buyers to keep up with the vast industry knowledge in Stittsville. This information gap is met by mortgage brokers effortlessly. You can share your fund status with your mortgage advisor to get a suitable option that seems to be tailor-made for you.

Why a mortgage broker and not a bank?

First and foremost, mortgage brokers save a lot of legwork. All the spadework, including calling up a dozen banks and making comparisons, which otherwise will have to be done by you personally, will come to you on a platter in case you pick the right mortgage broker. Since they are in this business they are more familiar with the lenders. They may also be able to fetch you mortgage at better interest rates because of the volume of business they provide to lenders.

It is always better to work with reliable mortgage brokers who have an established reputation. There may also be potential downsides of hiring one, without obtaining some understanding of what kind of mortgages they can make available for you.

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