What does a Mortgage Broker do? A Mortgage Broker will:
Work with a variety of different banks and lenders to find you the best mortgage product for your needs
Educate you on every detail of your new mortgage
Remain in touch with you throughout the life of your mortgage to look for future money saving opportunities
What is the difference between a bank and a Mortgage Broker? A bank will offer you their own mortgage product.
A Mortgage Broker typically works with 30-40 different banks and lenders so they will have more mortgage options available than most banks. More options allow Mortgage Brokers to tailor a mortgage to the client's specific needs.
What is the first step in obtaining a mortgage? The first step is to setup a meeting with your Mortgage Broker. At that meeting, you will discuss your financial priorities and your broker will obtain your application information. From there, your Mortgage Broker will be able to give you some feedback on your application and, if applicable, will work on obtaining a mortgage approval for you.
What is a pre-approval? A pre-approval is very important when you are shopping for a home. While a pre-approval does not guarantee that your mortgage application will be approved, it will do the following:
Lock in an interest rate for 120 days (protect you against rising rates)
Help you determine how much you can afford
Help you determine if you will qualify for a mortgage
How do I know which mortgage is right for me? The options can be endless! Fixed rate or variable rate. Short term or long term. Monthly payments or bi-weekly payments. Do not let these decisions overwhelm you. When working with a Mortgage Broker, we take the time to educate you on all details of your mortgage. Once you have a good understanding of all the options available, choosing the right mortgage will become a lot more clear.
Do I have to pay to work with a Mortgage Broker? No. Mortgage Brokers are paid a commission by the lender.
Verico The Mortgage Professionals - Serving Kingston Since 1989