Posted: 1 Sep '20

Getting Approved for Your First Home with a Mortgage Broker

Getting Approved for Your First Home with a Mortgage Broker

A home is one of the most valuable assets you can own financially and on a sentimental level. However, the process of buying a house can be long and tedious, and that's why many first time home buyers make mistakes. Call us today to get the process started. 

One of the main hassles of this process is getting a suitable mortgage lender. Fortunately, these days home buyers can use the services of a mortgage broker to ease the process. Mortgage brokers are professionals that assist clients with origination, negotiation, and processing of mortgage loans. 

Here are some ways that a mortgage broker can assist you in securing your first time home buyer mortgage in Edmonton.   

1. Help Determine a Suitable Mortgage for You 

There are a lot of things that come into play when mortgage applications are being processed. Some of the things lenders consider are: 

  • Downpayment 
  • Income (before tax) 
  • Credit score 
  • Monthly debt obligations 
  • Monthly mortgage payments 

After all these factors have been analyzed, a mortgage broker will be able to determine whether you can qualify for a first time home buyer mortgage, how much of a loan you can afford, and which interest rate you will qualify for. It's not uncommon for home buyers to find a house only to find out later that they do not qualify for such a mortgage amount. 

2. Access to Multiple Loan Products 

Mortgage brokers have working relationships with many banks and lenders. Therefore, you will have access to different mortgage products from a variety of lenders.  

This not only makes comparing mortgage products easy but also saves you the time and leg work involved with assessing lenders one by one. 

3. Explain the Fine Print 

Not all first time home buyer mortgages are created equal. Though interest rate is important, it is prudent that you understand all terms of the mortgage. For example: 

  • Pre-payment privileges  
  • Pre-payment penalties 
  • Portability 
  • General flexibility 

With access to multiple lenders comes options for rates and terms! Your mortgage broker will walk you through your options to find you the most suitable mortgage for your needs. 

4. Expertise 

Dealing with mortgage lenders can be somewhat challenging as there are many processes and steps involved. However, the expertise a mortgage broker brings to the table will ease the process of your first time home buyer mortgage. 

Unlike a loan officer, your mortgage broker is not obliged to promote a particular lender or loan product. Therefore, they will work with you to ensure you get a mortgage that suits your needs. 

Get Started with a Mortgage Broker 

When choosing a mortgage broker, it is important to work with a credible institution that offers personalized service. Ask for referrals from family, friends, and colleagues then check online reviews. 

Do you need assistance in getting a first time home buyer mortgage in Edmonton? Get in touch with Dominion Lending Centers Mortgage Mentors for personalized service and years of expertise. 

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