Brokers have access to a wider range of mortgage products

Mortgage brokers work with a variety of lenders and have access to awider range of mortgage products than you might be able to find on your own. This can be particularly helpful if you haveunique needs or circumstances that may not be met by a traditional lender

Brokers can save you time and effort

Applying for a mortgage can be a time-consuming and complex process, and working with a mortgage brokercan help save you time and effort. A broker can handle much of the legwork for you, including shopping around for the best rates and terms and submitting your application to multiple lenders.

Brokers can help you get a better deal

Because mortgage brokers have access to a wide range of mortgage products and lenders, they may be able to help you find a better deal than you could on your own. They can also negotiate on your behalf to get you the best possible terms.

Brokers can provide expert guidance

A mortgage broker is a professional who is knowledgeable about the mortgage process and can provide expert guidance and support throughout the process. They can answer your questions and help you navigate the various steps involved in getting a mortgage.

While it's not necessary to work with a mortgage broker when purchasing a home, they can be a valuable resource for first-time homebuyers and others borrowers who are looking for the best mortgage deal and want expert guidance throughout the process.

The mortgage process can seem complex and intimidating for first-time homebuyers, but it's actually a fairly straightforward process that follows a series of steps. Here's an overview of the process, along with some expectations you can carry when searching for a mortgage broker :

1. • Determine your budget: It's important to know how much you can afford to spend on a home before you start looking. Consider factors like your income, debts, and down payment, and be sure to leave some room in your budget for unexpected expenses. 

• • Get pre-qualified for a mortgage: Before you start looking for a home, it's a good idea to get pre-approved for a mortgage with a mortgage professional. This require you to provide documentation such as proof of employment and proof of income, proof of assets, and proof of your down payment amount. This will help the mortgage professional to determine your maximum pre-qualified purchase price 

• • Contact a Mortgage Professional: A mortgage broker is a professional who helps you with the pre-qualification process and will find the best mortgage product for your needs. They work with multiple lenders and can help you compare mortgage rates and terms to find the best deal on the market for your needs. Contact us today to ensure that you are working with someone who is knowledgeable and experienced, and who has a track record of helping their clients get the best mortgage rates, terms and service. 

• • Engage A Real Estate Agent: Once you have your pre-approval and have found a mortgage broker, it's time to start looking for a home. This can involve working with a real estate agent to find homes that meet your needs, and budget, in the area that you want. Please ask us if you need assistance with choosing the right agent for you. We have many great options to recommend. 

• • Make an offer to purchase: Once you've found a home that you wish to purchase, it is now time to make an offer to the seller. This will typically involve agreeing to a purchase price with specific dates and terms and providing a good faith deposit (usually 5% of the agreed-upon price). If the seller accepts your offer, you will enter into a purchase agreement and move on to the next step in the process. 

• • Get a mortgage approval: Now that you've found a home and have a purchase agreement, it's time to get your mortgage approval. This involves working with your mortgage broker and submitting your mortgage application to the lender for approval. You'll need to provide documentation such as proof of employment and income, proof of assets, and proof of down payment.

• • The closing process: Once your mortgage is fully approved, you will need to complete the transaction on the agreed-upon date, and pay the closing costs. Closing costs typically include fees for things like property transfer tax,  title search, appraisal fees, and solicitor fees. After you've paid the closing costs and signed the mortgage documents with your chosen solicitor, you are ready to complete the transaction and you are on your way to owning your new home!