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Being a first time home buyer can be exciting and intimidating at the same time. Buying your first home is one of the biggest investments you will ever make, and considering it’s your first time, you will want to have some sort of guidance and assistance in the first time buyer mortgage process. This is where an independent mortgage professional comes into the picture. They will guide you through the mortgage process so that you are fully educated and aware of what is involved, and they will also get you the best rate and package for your situation.

Why You Need a Mortgage Agent For Your First Home

There are many programs available to the first time home buyer that you may not be aware of. Working with a mortgage agent will point out all the programs available to you so that you may take advantage of them and help you save in the long run. Some of the items that you will need to be educated on include:

• Closing costs
• Land transfer tax
• Term vs. amortization of your mortgage
• Variable vs. fixed rates
• Prepayment options
• CMHC insurance
• RRSP home buyers’ plan (HBP)
• First-time home buyer tax credit
• Mortgage approval process

As a home buyer, you have options when it comes to getting a mortgage to finance your home. The growing number of independent mortgage agents at your disposal shows how much more popular their services are in comparison to going to the bank for a conventional mortgage. A licensed mortgage brokers will negotiate with a variety of lenders across Canada on your behalf to get the lowest rate and best first time buyer mortgage conditions and terms possible.

A Dominion Lending Centres mortgage agent can get in touch with over 50 lenders, including banks, credit unions, finance companies and private lenders who will have a variety of mortgage packages suitable to your situation. This is not possible with a bank, which is only able to offer you their own rates and terms. If you want a lower rate on your mortgage, you will have to negotiate with the loan officer at the bank yourself, and you may have a harder time qualifying for the mortgage. If you work with a mortgage broker, they will negotiate for you.  You only have to fill out one form and they will shop it across all their lenders.

If you are looking to buy your first home, your first call should be to a mortgage professional.  If you are looking for a Burlington, Oakville, Milton Mortgage, or other area of Greater Toronto – Greater Hamilton, call LeeAnn Taylor who has the knowledge and expertise necessary to get you the best mortgage package possible.  She will sit down with you to go through your finances, explain your options, help you qualify and understand all the costs and options available.  You fill out one application and she will shop it across lenders across Canada.   Best of all, there is no charge for her services but she could save you thousands on your mortgage and help you avoid first time buyer mortgage mistakes.  Call for a free and confidential consultation – (905) 336-8948.