When we do a task over and over, such as cleaning the house, we develop habits that help us to shorten the time it takes to complete the task every time we do it. We get better at it, and we save time. This is what we call gaining experience. The first time you do something, the longer it is going to take. You’re going to need time to iron out all the tricky little nuances and you’re probably not going to get it exactly right. When it comes to buying property and applying for a mortgage, experience is like gold dust. If you know what you are doing, you can save a heck of a lot of time.
Mortgage brokers know exactly what they’re doing. Canadian mortgage brokers, such as iMortgage Solutions, know intimately the Canadian housing market; they know Edmonton mortgage rates inside out, and they know how to get the lowest deal possible. It’s their job. So whilst the potential homeowner is searching for properties and conducting research into which is the best mortgage deal – in other words, using up valuable time they could be spending on more productive matters, such as their job, their family, and their hobbies, they could instead pass over the time spent searching for mortgage deals to a mortgage broker. Think of it like time management. Using a mortgage broker is essentially cutting time and not costs.
Experience is a mortgage broker’s byword. Where the homeowner might wrongly believe that they cannot now purchase a home without first putting down the full 5% payment, the mortgage broker will be able to advise them on this matter as well as a plethora of others (yes, you can buy a home without having to first put down the full 5% payment). A mortgage broker has a wealth of experience with mortgage rates and one thing that experience helpfully irons out are mistakes. In life, we might say ‘boy, I won’t make that mistake ever again.’ But if you make a mistake when negotiating a mortgage deal, it could be a mistake that lives with you forever. A mortgage can easily become a financial disaster that runs away with itself, much like a volcanic eruption; it can become something that swamps you and your life, and which you simply cannot stop. For this reason, it is particularly important that inexperienced first time buyers contact a mortgage broker.
Moreover, an experienced mortgage broker can also help you to improve your credit rating, as well as helping to absolve doubts you may have about even qualifying for a mortgage in the first place. If you do not qualify for a mortgage, the broker can conceive a plan that will help you to qualify in a matter of months. A ‘pre-approval’ guarantees that you will get a mortgage. There are essential differences between a mortgage pre-qualification and a pre-approval, and a broker can help you to understand this and other terms whose exact definition may otherwise allude you – and thus hinder you.