Buying a home for the first time can be an incredibly exciting process. You’re finally moving into a place you can call your own, which means you can decorate it to your heart’s content. However, the process of purchasing a home is quite long and complex, especially when looking for the right mortgage to finance it.
No one wants to be saddled with enormous debt for 15 or 30 years, but unless you were born with a silver spoon, mortgages are a necessity for fulfilling your dream of homeownership. Luckily, the process doesn’t have to be arduous or difficult, mainly when working with a mortgage agent. They work with your best interest in mind and help you find the right mortgage for you, eliminating much of the stress and headaches associated with it. Here are three ways a mortgage agent can help you acquire your dream home:
1. They Help You Find the Best Deals
Mortgage agents have a vast network that will come to your advantage. With access to so many lenders and numerous deals, they can find great deals that you wouldn’t have been able to find yourself. That’s because when you approach a bank for a mortgage, it shows you only what they offer, immediately limiting your scope of the available options out there.
Working with a mortgage agent also means filling out one application instead of multiple ones, which means avoiding further queries about your credit report. Fielding these questions can negatively impact your house hunt, adding another reason to use mortgage agents.
2. They Help You Save Time and Money
Filling out a myriad of applications is incredibly exhausting and time-consuming. It’s even more heartbreaking when you receive continuous rejections from these lenders, often making you feel like you wasted precious time completing these applications with care. Luckily, mortgage agents take the hassle and heartache out of the process by allowing you to do them all in one place. That means you don’t have to keep going back and forth between lawyers, estate agents, and underwriters since the agent will do that all for you. They also iron everything out to make sure they submit the needed documents on time, ensuring the process goes smoothly.
Mortgage agents also help you save money by finding loans that fit your financial situation best. They can connect you to interest rates and mortgage terms that make homeownership less daunting, allowing you to save thousands of dollars.
3. They Negotiate on Your Behalf
Lastly, a mortgage agent steps in for you to negotiate with lenders on your behalf, ensuring you get the most favourable terms possible. They will analyze your financial details and develop the most strategic ways to help you save money, landing you good deals even if you have a less-than-stellar credit report. These benefits are due to mortgage agents’ extensive experience and qualifications, equipping them with the skills needed to find the solutions to their clients’ problems. They also keep themselves updated with the mortgage sector changes and the real estate market, which affect the rates and terms available on loans, helping them ensure that mortgage lenders aren’t taking advantage of you.
There’s a lot of paperwork and back-and-forth involved when buying a home, particularly when looking for the right mortgage to pay for it. That’s why working with a mortgage agent is so necessary; they explain the process, coordinate with other parties for you, and ensure that you find the right loan for your financial needs.
Ottawa Mortgage Services is committed to helping Canadians understand all aspects of getting a mortgage and securing the right mortgage for their situation. With our expansive network and experienced team, we can place your mortgage with the right lender best fit for you. Get your free assessment with no obligation today!