The most important first time home buyer tip that most first time home buyers do not realize is that their first stop should be to speak with a mortgage professional. Why? A mortgage broker will help you understand all of the additional costs associated with owning a home and help you determine how much you can afford to spend when you buy a home. They can also get you pre-approved for a first time home buyer mortgage, so you can shop with confidence.
Lee Anne Taylor, a Dominion Lending agent and head of Home Loans Ontario, explains, “We sit down and go through your current income, assets, debts and expenses to determine how much you can comfortable afford to pay each month. We can then shop the loan over lenders all across Canada to find the best mortgage product in terms of rate and terms. Then you can shop for a home with confidence, knowing that your mortgage is pre-approved.”
A good mortgage professional can also recommend other real estate professionals as part of their service. This may include professionals you will need along the way, including real estate agents, lawyers, movers, home inspectors, appraisers and contractors.
Unlike loan officers at a bank, a mortgage agent works for you – the home buyer. A bank employee can only recommend their bank’s products, but a mortgage agent can shop your loan over banks, trust companies, finance companies, credit unions and private lenders.If you are self-employed, new to Canada or have less than stellar credit, you may have trouble getting a mortgage from a bank. Applying to many different banks can also hurt your credit rating, since each one will pull your credit report – and too many applications for credit can decrease your credit rating.
A good mortgage professional can also assist you with improving your credit score by offering helpful suggestions. For instance, don’t make any big purchases or be late with payment leading up to the time you are going to apply for a mortgage. The best part – there is no charge for using a mortgage agent. They get paid a commission by the lender you choose. For a Burlington mortgage, or anywhere in Ontario, call Lee Anne for a free, no-obligation consultation. She could save you thousands on a mortgage! (905) 336-8948.