The Broker Process
In a world as complex as ours, buying your first home can be intimidating. A mortgage broker is like an experienced sherpa, guiding you up a rocky mountain. Your broker knows where the pitfalls are and where to best get you to were you want to be. They are on your side and want you to get the right mortgage, at the right rate, with the right terms.
1. Approval / Pre-approval
The first step is simple. Sit down with your broker to get an idea of what your situation is, but also what sort of home you’re looking to own. You may be looking at a second mortgage or income property. All of which just takes a little time answering some very easy questions.
Where a bank may look at only what you can afford, Ken and Dani, for example, will ask you how much are you comfortable spending on your home per month. This includes taxes and other directly related expenses. It’s important not to feel too restricted in your budgets so your lifestyle does not revolve around your mortgage payments. Once your broker has a picture of what you are comfortable in spending, a range of what you can afford is calculated based on a number of factors. This meeting is meant to be an exciting first step and you should feel at ease.
2. Finding you a Lender
After getting to know you and getting a picture of the type of mortgage will best suit you, its time to find a lender. Having built relationships with over thirty lenders over a number of years, Dani and Ken have a unique advantage in getting you the best rate. All offers are analyzed thoroughly base on your particular needs. With experience that enables them to always recommend the best choice, Dani and Ken can often pre-approve mortgages the same day and formal offers taking just a few days.
3. Purchasing your Home
Finding your dream home is one of the most exciting parts of life. Once you have found the home you really want, it’s time to have all the pieces come together. Let Dani and Ken help you close the deal. They will work with your broker to formalize all of your mortgage arrangements, making the affair as painless as possible. Then, it’s just a quick visit, a few signatures and your mortgage is complete. You can now look forward to moving into your new home.
For more information on our process and to answer any questions you may have about getting the best rate for a mortgage on a new home or even a second mortgage, contact Dani or Ken here at Real Mortgage Associates.