Reasons Why You Should Work With an Independent Mortgage Broker
If you’re in the market to buy a home, the first place you may think of when you need to obtain a mortgage is a big bank. While banks do offer mortgages, they are only able to offer limited options to clients in the form of their own home loans. Instead, mortgage brokers, like Verico, are able to offer borrowers many more options, since they deal with the banks as well as credit unions, financial trusts, private lenders and others. If you are new to Canada, self employed, have bruised credit or other especially circumstances that may lead a conventional bank from saying “no” to a mortgage application, you will have a better shot getting approved when you go through a mortgage broker.
You’re Protected
Ontario mortgage brokers have a specific goal to provide you with the best and unbiased advice about the mortgage you are looking for. They are obligated to recommend a suitable mortgage for your situation, and why that particular mortgage is right for you. Thus, while low mortgage interest rates are important, you must also understand the other terms and conditions that come with each home loan. Your best interests are always protected when you use the expertise of seasoned mortgage broker since they work for you – not the bank.
They’re Qualified
A lot goes into getting the right mortgage at the lowest possible rate. It’s not just a matter of looking for the best rate – a lot more needs to be looked at before signing on the dotted line. Mortgage agents are qualified to look into all the little details that are often stipulated in seemingly complex mortgage contracts, making it much more convenient to have a professional work things out on your behalf, and explain everything in terms you can understand. A mortgage agent can sit down with you, go through your finances – including your income, debts, financial goals, credit history, etc. to determine how much you can afford to spend on a mortgage and what you need to do to qualify for low rates. They can also help you plan how to pay off your mortgage quicker, or how to use the equity in your home to finance high interest debt.
It’s The Easiest Way to Shop Around
If you look for a mortgage on your own, you would have to go to different banks and lenders and fill out an application at each one. Having many credit inquiries on your record may hurt your credit score. With a mortgage broker, you fill out one application and they shop it over lenders all across Canada – getting the lenders to compete for your business.
They’re on Your Side
Ontario mortgage brokers don’t work for the bank or any other lender – they work for you. Not only can they save you thousands in interest with the ideal mortgage package, but they do it at no charge to you!
Go With Experience
When you’ve decided that it’s time to get into the real estate market, or you are looking to renew or refinance a mortgage, contact Marcelle Tiqui – a trusted and experienced mortgage agent specializing in mortgages Milton, Oakville, Burlington and Mississauga areas. Call Marcelle at (905) 208-7070 or visit http://www.marcelletiqui.com to learn more about her services. Your home is the biggest investment you will make. Be sure you are getting the best terms and rates by using a mortgage expert like Marcelle Tiqui.
Wipe Out Your Credit Card Debt
Many Canadians have a debt for a number of different reasons. Some are still paying off their student loans, some have car payments to make, some financed a home renovation, made a large purchase, and so forth. Among the most common type of debt in this country is credit card debt. Unfortunately, this type of debt is often the most difficult to eliminate, because the interest rates that often accompany these cards are typically extremely high. In fact, they are commonly over 18%, and as high as 30% for some store cards, making it tough to pay down this debt once it starts to accumulate.
Each month, whatever amount is still owed on your credit card will be subject to this high interest rate. Unpaid amounts also start to accumulate interest, making it more difficult to pay off. The higher the debt outstanding, the more you will be paying in interest charges, which is essentially like throwing your money away. If you don’t get a handle on your credit card debt, you may find it nearly impossible to end the debt cycle.
Make Use of Credit Card Debt Consolidation
While paying off mounting credit card debt may be extremely challenging, there are ways to help the average homeowner to pay down such debt, including debt consolidation.
Debt consolidation basically involves using the equity that you have built up in your home to pay off your debts, – including high interest ones like credit card debt – and consolidate them into one loan payment.
Secured home loans that are based on home equity are considered by lenders to be low risk. By being accepted for a Canadian home equity loan, you can use this freed up capital to pay off your high-interest credit cards and other debts.
Consolidating your debt will allow you to free up cash, which you can use to pay off all of your existing loans. You could save as much as 22% or more, resulting in thousands of dollars in interest savings per year. Using this low interest rate to pay off all your debt means you’ll only need to worry about making one loan payment per month, at a much lower rate of interest. This will help you will cash flow so and can lower your monthly payments. This also translates into paying off debt much quicker and sooner, as more of your money is going towards principal rather than interest.
Options for Credit Card Debt Consolidation
If you think debt consolidation is something that would benefit you, call the experts in such financial programs, like Claire Drage from Mortgage Medics, show you your options. You could get a home equity line of credit – which is a set amount but you can borrow and pay back as you need it. Another option is a home equity loan, which gives you a lump sum that you can use to pay credit cards, make a large purchase, fund an education or home improvement project – whatever you need it for.
Claire and her award winning team can help you lower your monthly payments, and save you money on interest payments. She’ll help you get a great rate on second mortgages, secured lines of credit, and more! Contact MortgageMedics.ca today to discuss all your options when it comes to eliminating your debt, and saving thousands of dollars in the long run!
Call today at (905) 847-6611, A Mortgage Medic is standing by!
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