Undeniably, purchasing a home in the greater Toronto area is among the most thrilling experiences. The moment you are accepted to have a mortgage, you are that much closer to owning a home. However, before you get all excited, just a piece of advice, never opt for the wrong mortgage or your owning a home could swiftly turn into a nightmare.
So, the wisest first step you can take is to seek the help of a certified Toronto mortgage broker like myself to go through the ordeal by providing you with fair guidance so you can better comprehend about mortgage products and how they may affect you. You can inquire the following queries to acquire the vital information during your first meeting.
Why should I use you as a broker instead of going to the lender directly?
The broker provides you with an unblemished of things on the broker’s role. A good broker tells you directly on the services they offer and even provide you with proof of how their involvement makes a big difference to a lender.
How much can I afford?
Before you go into searching for your dream house, make sure that you can afford it. A mortgage broker checks your current sources of income and credit report to aid you in knowing what kind of home you can purchase.
What should I take into account for the future?
What you can buy today may not the best choice in the coming years. Can you still pay if you include day care and parental leave in your budget? What if your work changes or the interest rate increases? Your mortgage broker must take all these things into consideration in discussing the mortgage rate with the lenders.
What type of mortgage should I consider?
After signing the mortgage, a fixed interest rate is usually set; it will not change for the duration of the term. But a variable rate will change according to on the market interest rates. Although market fluctuations are difficult to forecast, your mortgage broker can provide you with chronological data and info about the economic cycle to aid you in the decision-making process.
How much do I need for a down payment?
A lot of first time home buyers think they have to put down a big down payment so they can get the best mortgage rate; however, that is not the case. A mortgage broker can aid you in deciding the right amount of the down payment so you can get the house that you want at the same time keeping your budget in the long term.
Hopefully I have answered your questions as you look for a mortgage broker in Toronto. Contact me today for any other questions or to schedule an appointment.
