Buying a house is one of the largest purchases you can make during a lifetime. It’s a source of pride for many Canadians, as homeowner rates continue to rise across the country. According to the latest data from Statistics Canada, nearly 9.2 million citizens in this country owned their homes, and this rate is on the rise.
But we understand that for many individuals, the the financial burden of the home buying process can be quite stressful. Many first-time buyers get overwhelmed just filling out all the documents, which is why it’s always wise to work with a professional mortgage broker.
Mortgage brokers are independent of banks and other major financial institutions. They act within the buyer’s interest to secure financial backing, finding the best mortgage rates that fit your financial portfolio. These professionals can also help you get pre-approval, fill out loan application forms, and provide intangible financial advice.
Many first-time buyers attempt to cut costs and save a bit of money by skipping out on working with a mortgage broker. From our experience, this usually costs the buyer more time and money down the line. Mortgage brokers typically have a large network of lenders that go beyond the big Canadian banks. Therefore, they can help buyers avoid horrible payment terms and find a tailored mortgage solution.
A savvy broker can also waive certain fees that new lenders are obligated to pay upfront. These fees include origination, application, and appraisal fees which can range from hundreds to thousands of dollars depending on the loan. We always recommend booking face to face meetings with your broker in order to find the best solution.
Yes, all mortgage brokers in Canada adhere to strict rules and regulations imposed by each province. For example, all activities related to real estate brokerage in Quebec is overseen by the Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ). In Ontario, the Financial Services Commission of Ontario regulates the mortgage brokering sector. Therefore, we always recommend clients to verify with the provincial governing board if your broker is registered.
But finding a mortgage broker is like finding the right real estate agent: there has to be the right fit between both parties. We recommend meeting with your broker one-on-one and discussing your finances and your real estate goals. Once you’ve aligned and agreed to work together, the broker searching for the right mortgage rate.
The first step in the right direct is to contact LocalBrokers.ca. Our professional team of mortgage brokers can help you create a clear and defined road map to help purchase a property. Save time and money by working with trusted professionals with a proven track record of success.