Mortgage Broker in Calgary, Alberta, Canada

Mortgage Broker in Calgary, Alberta, Canada

A mortgage broker is that person who is licensed to help a person in analyzing and choosing the best suited mortgage option for him by offering them the different plans by the different lenders. They generally work individually but are even employed by the different firms. With their thorough understanding of the market and the needs of the client, they help them to find the most suitable loan plan.

Reasons to hire a mortgage broker

There are many different types of mortgages available in the market, each having a different technicality and parameter, which at times be extremely confusing for a person. So, a Mortgage Broker in Calgary and Alberta is the most appropriate person to be consulted for any sort of mortgage related information. It is the duty of the mortgage broker to explain the various options available to his client and help him shortlist the best one for him. He is also responsible to advice them about the legalities and the various other aspects of the loan.

A broker can always help his client get a better deal. Since they have good connections in the industry, they can help their clients get good interest rates on their mortgage, thus saving them a lot of money. They can also help the clients save a lot of time by cutting down a lot of time consuming factors during the process.

Again, since the broker works for his client, he will always make them his first favor and not the lending companies. And this point reinstates the fact that the Mortgage solution providers in Calgary and Alberta will always work upon getting the best deals for his clients. Working directly with a company can land a person into troubles since their primary focus is to make profits ay any cost. However, a good broker ensures that his client gets all the best things from the deal possible.

A broker takes care of the specific needs of his clients. Every person has a different requirement in terms of his mortgage, and it is the responsibility of the broker to help them get those needs fulfilled. The whole process is made simpler and easier and a considerable amount of paperwork is reduced in the process if one hires a broker. This is because most of the work is taken over by the broker himself and the client just needs to sign a single application form. All the formalities are lightened on the client as the broker takes them upon himself to complete. Also, through his contacts and sources, he gets the approval of the deals really faster and easier.

Mortgage pre-approval in Calgary, Alberta, Canada

In most of the cases the realtors would suggest the buyers to get a pre-qualified mortgage loan as a first step towards buying their houses. But before getting into any conclusion, it is important that a person should understand the basic difference between the two terms, pre-qualification and pre-approval loans. This is because they are often interchanged while use and hence become confusing and misleading at times. It’s true that they are related but in reality they signify totally different levels of approval.

Pre-Qualification Mortgage Loan

Pre-qualification does not generally include any credit report or any in-depth look at the true ability of the house of the buyer. One just needs to provide the information about his income and liabilities to the lender and they calculate the maximum amount he can borrow without any verification of the information.

Pre-qualification does not guarantee an interest rate or loan approval but gives a general idea of the price range that can be afforded before actually starting the lookout for the house.

Pre-approval Mortgage loan in Calgary

This process is a more formal one. In this process the lender would check the credit report of the buyer and would also look closely at his total income and net worth. Then only he will confirm the maximum amount of loan, the loan programs and the rate of interest for a particular period of time which he is eligible to get. The Mortgage solution providers in Calgary have explained that the pre-approval mortgage loans gives the confidence to the buyer to shop for a home but at the same time it does not guarantee the approval of the loan by the lender. But it surely strengthens the position of the buyer as the sellers willingly accept the proposals of the pre-approved buyers.

It is hoped that this article alerts the buyers with the basic difference between the pre-qualification and the pre-approved mortgage loans in Calgary and provides them with some financing options which will help them to reduce the total cost of their dream homes and the total time required to pay it off. It is however, at the discretion of the buyer and the strength of his assets and liabilities that he can choose for a particular type of mortgage loan for his perusal. It will be again a very good decision if the buyer takes the help of an expert mortgage solution provider in the matter.

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