If you’re purchasing a home in the Edmonton area, you should find out as much as possible about current loan solutions before you dive in and mortgage your new home, an expensive prospect that could be the largest transaction you will ever conduct. Just as you would probably research automobiles before you go out to the lot and buy a brand new car, or even a used one, you should do some research about which Edmonton mortgage broker to use when financing your real estate transactions.
Why Should You Seek a Mortgage Broker at All?
You may be thinking that the Internet is available, so why should you even bother looking for a mortgage broker when you can navigate the system on your own. Well, you would be doing yourself a great disservice if you did not use a broker! A mortgage broker is an expert in his field and knows how and where you can best finance your home. He is working for you; not for any particular bank or mortgage company. Think about it: when you go to a bank to inquire about a mortgage, they are trying to convince you to use their bank for your loan, so they can make their profit. Mortgages cost consumers thousands and thousands of dollars over the life of a loan. Why wouldn’t you want to use a broker who will only steer you towards the bank giving you the best options, rates and terms?
When you’re looking for the monies to finance your home, look for someone who has lots of experience dealing with Canadian banks in every aspect, meaning someone who knows how to deal with tellers, branch managers, and, yes, mortgage specialists. If you were to step into a bank asking for a mortgage loan, would you know exactly what each person’s position in the bank entails and how to approach him or her? Perhaps not. Knowing how banks and other lending institutions work from the bottom up helps your local broker garner the best deal for you in the long run. This insider know-how will give you a leg up when trying to find the best loan deal. Trying to navigate the mortgage maze is time-consuming and outright confusing for many of us. Leave it to the experts to work for you, understand who must be dealt with, and save you time and money in the long run.
Seek out a mortgage broker who is highly knowledgeable about current mortgage rates in Edmonton. Alberta boasts Edmonton as its capital, with a large population and stiff lending competition. The right Edmonton broker will shop your loan to multiple banks that he knows will have good rates and good terms for you. The current mortgage rates in Edmonton can be even lower than you may have thought, as brokers can often even gain wholesale rates for you.
What a Great Mortgage Broker Can Do For You
Your local Alberta mortgage broker can school you on everything you need to know about mortgages, particularly if this is your first foray into the real estate world. But even more enticing, you can obtain a very quick loan approval online in Edmonton. Mortgage calculators for pre-approval of your loan are conveniently online at MyMortgageBroker.com. Simply fill in your name, email address and answer a few questions about finances and your home mortgage can be pre-approved right away! There are also zero down mortgage Edmonton loan options. Imagine, being able to own your own home with zero money down! You can achieve this with the right qualifications at MyMortgageBroker.com.
You may even be able to take on a previous owner’s assumable mortgage in Edmonton. An assumable mortgage is one that you can take over from the previous owner, with the same terms and rates they originally bargained for, perhaps years ago when rates were lower. This can save you thousands of dollars if the original mortgage rate is much lower than the present one when you take title to the home. Your mortgage broker will be able to guide you through these options, should they become available. From zero down loans to assumable mortgages and much, much more, your Edmonton broker knows all of the many ways you can best assume the debt you need to in order to own your dream home.
And being able to discover just how much you can qualify to borrow in minutes, by going on the Internet and filling out a quick form, is one of the invaluable tools that MyMortgageBroker.com can offer you at this very moment.
Information Your Mortgage Broker Knows That You Need to Know, Too
Using a mortgage broker is a life lesson in itself when it comes to discovering how mortgages work, how much you can be expected to be allowed to borrow, and so much more. You will discover terms and loan options that you probably never even knew existed. But you will also be given advice and tips on how to be financially savvy. Once you are able to buy a home and have a mortgage or home equity loan, the doors to many financial solutions will be there for you from which to choose.
For example, if you are presently using high interest credit cards for everyday purchases, it’s time to pay those cards off, and fast. If you already own your home, you may want to refinance that mortgage now that rates are low. In fact, in 2014, rates are well below 4%. That is ridiculously low when you compare it to the 12-22% interest rates of some credit cards! It makes sense, if you have high interest debt, to refinance and use the equity you’ve built to pay off that debt at today’s much lower interest rates. Refinancing can be useful for other purposes, too. Not only will your monthly payments be lower due to a low interest rate, but you can now renovate your home, buy that new car, install a swimming pool or do any of the things you’ve been putting off because you just didn’t have the money.
If you want to pay off your mortgage sooner than you’re obligated to, your mortgage broker will show you ways to do so. A mortgage advisor from VERICO will solve many of your financial issues with the right mortgage solutions.
If you’re buying your first home, you really cannot go wrong with choosing a VERICO broker. Winding your way through the mortgage maze is difficult, even for experienced homeowners. A mortgage broker in Edmonton will have access to literally hundreds of loan products via Canada’s many different banks, credit unions, trusts and mortgage lending institutions. And the services provided to you are often free of charge.
Your mortgage broker will inform you that if you are renting, you are throwing money down the drain. You will discover soon enough that your rental payments are helping the home’s owner pay his mortgage. Why do that, when you can be putting that money towards owning your own home?
Another thing you need to know and one that your broker already knows, is that it isn’t nearly as difficult as you may think to qualify for a mortgage. If your credit has some black marks on it, such as late payments, you can rebuild your credit history. Even if you do not qualify for a loan at the present time, your mortgage broker can advise you as to how you can reach the goal of obtaining a mortgage loan. He or she will devise a plan so that in three to six months down the road, you will finally be able to sign on that dotted line. All it takes in most cases is a little bit of time to rebuild your credit history, with the advice and financial knowledge of a reputable mortgage broker on your side.
You will need to understand what a mortgage pre-qualification will get for you. Your broker will sit down with you and explain exactly what a pre-qualification is and what a pre-approval is. In basic terms, a pre-qualification lets you know that you qualify or will be able to obtain a mortgage loan. It also informs you as to the general amount of money a lender will be willing to hand over to you so you can purchase your home. You’ll know how much you can afford in the monthly payments. If you are honest about your stated income and current debts, a pre-qualification will honestly reflect how much you can actually expect to borrow and pay back on a mortgage. But a pre-qualification does not guarantee that you are given a mortgage amount nor does it guarantee any specific interest rate.
Your VERICO MyMortgageBroker.com professional will explain and help you obtain a Pre-Approval for a mortgage. This pre-approval process is a three-step process that is a bit more involved than a pre-qualification. Your broker will determine the amount of the loan you can be qualified to receive, then he will go over your documentation. The three-step process involves your filling out that qualification application, going through a credit check, and giving your broker the required documentation needed to confirm your income over the last two years.
Once you are pre-approved for a mortgage, you’ll know how much money a particular lender is actually guaranteeing you. You can shop for your new home knowing how much house you can afford and, best of all, you will be a prime potential buyer. In the seller’s eyes, you are a solid buyer when you have a pre-approved mortgage in hand. The buyer knows you are already approved for the loan you need in order to purchase their house. In the case of a bidding war on their home, you are looking very good with that pre-approval in hand.
Your mortgage broker is so important to getting you the vital information you need to know before you are approved for a mortgage loan. He or she knows why your credit history is so important, and the various credit scores lenders use to help them vet potential customers such as yourself. Your broker will explain the different types of income confirmation you will need, depending upon what type of job you have. For example, if you are an employee on a straight salary with little or no overtime, income verification is quite easily accomplished with a few recent pay stubs. If you earn a lot of overtime or bonus money, you will be advised as to what documents you’ll need to confirm this extra income. Usually, uneven yearly income must be verified over a two-year period. If you are self-employed, verified income over the last two years will also be necessary, using copies of your T1Generals and Notice of Assessments. In this way, your average income can be determined for a loan approval.
Your Broker Is Your Best Source of Mortgage Lending Information
Your mortgage broker will keep you informed of trends in the real estate marketplace. Keep up with the number of loans being handed out, the most current interest rates and the types of income verification you will need to qualify and be approved.
According to a recent edition of The Guardian newspaper, the number of mortgage loans taken out since May, 2014, have risen by 5%, and since June, 2013, that number has risen by more than 15%!. This trend finds that first-time homebuyers are borrowing more easily and have average gross incomes of roughly ƒ37,000.
As for interest rates, the Business News Network is predicting that today’s low mortgage rates are the main reason for increases in new home construction and are energizing the real estate market as a whole.
The broker you choose will be directly related to matching you with the correct type of loan for your finances and your security. Information is power, and financial information is what you need to get the home you crave.
Rely on your mortgage broker to keep you on top of the latest lending trends. Let your broker be the one to find the best loan suited to your needs. A broker is the way to go if you would like some assistance working your way through the maze of paperwork in order to get a loan pre-approval. Why handle this, the most important investment of your life, by yourself when qualified professionals are on hand, ready to get you the best terms, interest rates, and approvals?
The professionals at MyMortgageBroker.com will work with you to get your loan approved. They also have the answers to mortgage questions you may not yet have even considered. Don’t hesitate to begin our fast online pre-approval process for your mortgage loan at www.MyMortgageBroker.com. Call us today at 403-870-2669 to discover how much home you can actually afford to buy.