Tips on Selecting a Mortgage Agent
When buying your first home, or any home in that matter, it is very important who you select to handle your finances and the mortgage for the property. It’s just as important as hiring your realtor. Just like the real estate industry, the level of service and competency that you can get from mortgage broker to mortgage broker can vary dramatically. Picking the wrong lender can result in you losing thousands of dollars or, even worse, losing out on your dream property.
I had one client one time who went in to get a preapproval They just walked into their branch and talked to whoever happened to be sitting at the desk that day, not a specialist, and they got a preapproval. We went out, we started shopping for homes, and they found their dream home. They put an offer in on the property. They then went back to that same person, who then told them that their mortgage was actually going to be substantially more expensive than they thought and their monthly payments threw them out of their ratio. They were going to lose their dream home.
I took them to one of our specialists and within 24 hours, we had an approval for them. The difference in their monthly payments, from what my specialist had versus what the person at the branch had, was $600 a month. They almost lost their dream home and even if they had gone forward with the home, they would’ve been paying astronomically more money.
The big difference was just how the two lenders structured the deal. Your mortgage is usually a really substantial loan and it’s very important that you have the right person who knows how to properly structure that loan to protect you, as well as someone who can get back to you quickly.
I can’t tell you how many times I’ve seen people who have put offers in on properties with the condition of finance and then not heard back from their lender in time for them to remove the conditions, which puts them in a horrible position.
A great way to find a good lender is to talk to your real estate agent. They deal with lenders all the time and they know which ones are the good ones and which ones to avoid.
Looking for more advice on finding the right home for your family in the current market? A few of our latest resources will help:
- The Ultimate Guide for First-Time Buyers in Guelph
- Buying an Older Home? Here Are The Red Flags To Watch Out For
- Can You Buy a House With a Poor Credit Score?
