You’ve decided, and you’re finally ready to buy your first home, or maybe it’s time to upgrade to something bigger. Before dedicating your weekends to open houses and home visits, your first step should be to stop by and visit your mortgage broker.
As home buyers, there’s a variety of information that you’ll need and want as you are visiting potential properties. Such as, market values, taxation levels, schools, public transit and much more. But there’s one critical detail you’ll need to have in hand even before you start your search, and this is your budget. How much can you afford?
Build Your Budget
One of the great benefits of working with a mortgage broker is that he will do a complete review of all your assets and debts. He will provide you with a clear overall view of your finances. With this information, your mortgage broker plays an important advisory role in regards to how much you can borrow based on your income and budget. He will also guide you on your budget to make sure you understand the impacts of homeownership on your finances.
No Credit Score Surprises
It can be tempting to launch yourself into a house hunting adventure, looking for that perfect property that you know is out there waiting for you. But imagine this: you’ve found the home of your dreams, you’ve fought your way through a bidding war, and you’ve made it past the negotiations, finally after weeks it feels like the house is yours, but then to your surprise, your mortgage application is denied.
Nobody ever wants to go through that…
Surprises happen all the time in life, but when it comes to the process of purchasing a home you have a lot of things on your mind, so the last thing that you need is to have an unexpected delay. For instance, issues can arise during your credit check. For example, you discover that there were errors made on your credit report lowering your credit rating. Fixing these kinds of issues can be simple, but they can take a long time. To avoid these frustrating and stressful situations working with your mortgage broker beforehand can help rectify and clean up any issues you may have with your credit rating. When addressing any possible complications on your credit score, you are ensuring that your experience of purchasing of a home will be a hassle-free experience.
Be Better: Get Pre-Approved
Getting pre-approved before hunting for a new home puts you in a full advantage position. It’s your number one asset when it comes to negotiating and being taken seriously by sellers. An offer from a pre-approved buyer is always better than an offer that is conditional on approval. Being pre-approved, you will feel more confident when you are searching for your new home since you will know what you can afford.
Take the Time that You Need to Find the Right Broker
By now you understand that visiting your mortgage broker before starting the search for your new home is the best approach. You certainly do no want to put one of the biggest financial transactions of your lifetime into the hands of the wrong person. Make sure that the broker is properly vetted. Find one that you’re comfortable with and one who is the right fit for you. So, when you find your new home and the time comes to make an offer, you can count on your mortgage broker to be there for you, lend a helping hand and guaranteeing that your financing is secured.
The Mortgage Broker is Always There for You
As a mortgage professional, your broker is the right person for advice on what mortgage products are best suited for you and your financial situation. Your mortgage broker, as an independent adviser, doesn’t work for any bank but rather directly for you. Your broker will be there throughout the whole process to guide you, set your budget and obtain the pre-approval that you’ll need to start the adventure of finding and purchasing your new home. You will have confidence and be self-assured in the process of your home buying experience.
Get one step closer to your new home by taking that first step in the right direction: visit your mortgage broker.