Is it time to contact a mortgage broker?

Is it time to reach out to a mortgage broker? You might be familiar with what mortgage brokers do, but maybe you aren’t quite sure when it’s time to contact one. What do brokers help with, and when are you supposed to use their services? As you likely know, brokers assist you with the home buying process, and they help you secure the mortgage product you need. Since the buying process is lengthy, you might be looking for some clarification on when the right time is to contact a mortgage broker. Here are some signs it’s time to get in touch!

You need advice on your purchasing power

Of course, the most obvious sign it’s time to contact a mortgage broker is if you’re in the market for a new home. However, you can also reach out to a broker if you need help understanding whether or not you’re ready to buy a home. It can be hard to know if you’re in a place where homeownership is an option for you, and it doesn’t always cut it to ask your friends what to do. If you’re looking for unbiased mortgage advice, a broker is your best bet. They can review your finances and budget with you and will help you look at the market to see what suits your needs. Depending on your situation, goals, and the state of the market, brokers can help you decide if you should pursue homeownership right now.

You need a pre-approval

Once you know you want to buy a home, your next step is securing a pre-approval. A pre-approval grants potential lenders a screenshot of your financial situation at the time, including your employment and income. This gives lenders an idea of whether they would consider financing a mortgage for you. Plus, having a pre-approval puts you one step ahead because when lenders already have your information, it makes the approval process easier down the road. To top it off, sellers are often more likely to consider buyers with pre-approvals, because it shows commitment to the housing hunt. Brokers can help put you in contact with the lenders who can grant these pre-approvals. They hunt around for the lender they think would suit your needs best, making the process easier for you.

You need assistance gathering paperwork

It’s no secret: Buying a house means completing a lot of paperwork. Wouldn’t it be nice if there was a mortgage professional who could help take a lot of that work off your hands? Brokers can be a huge relief to you when you’re trying to organize your paperwork. They can tell you what documents you will need to gather, and they can help you make sure you have all the proper paperwork. This includes T4s and pay stubs, for example. It’s all too easy to make a mistake with paperwork, or be uncertain what documents you require. It’s handy to have a broker on your side to give everything a review and put your mind at ease.

You need help understanding your options

The decision to buy a home leads to a thousand other choices you will need to make. What kind of property will you buy? Which area should you focus on? What are your must-haves? What mortgage type is best for you? How can you find the right lender? If you’re not a professional within the mortgage industry, this can be a confusing process, but don’t worry. Chatting with a broker will help you clear up any questions and highlight your steps forward as a buyer. Brokers get you in touch with lenders, and help you understand the mortgage product that would suit you best. They can assist you with understanding your budget and your down payment, and what that means for your mortgage.

Tip: Be prepared with lots of questions!

Meeting with a broker is your chance to ask anything and everything that comes to mind. There are no bad questions, and an unbiased broker will address them honestly. Don’t worry if your questions seem too basic or simple. Brokers understand that for people who are new to the industry, the process can be complicated, and they are there to help. You can also ask brokers questions about themselves to ensure they’re a good fit for you. Find out about their work in your area, how soon they respond to inquiries, and what they do to maintain a client-first approach.

It might very well be a good time for you to contact a mortgage broker. Letting a broker guide you on your home buying journey is an excellent idea, and a great way to learn the ins and outs of the process. Plus, broker services are free for Canadians! There’s no reason to put off your visit to a broker’s office if you’re ready to buy a home.

If you have any questions about your home or mortgage, get in touch with us at Clinton Wilkins Mortgage Team! You can call us at (902) 482-2770 or contact us here.