How Mortgage Brokers Help With a First Time Buyer Mortgage
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.
A Mortgage Refinance Milton Process Can Help You Pay Your Debts Faster
There are many Canadians who find themselves with a lot of outstanding debt at high interest rates. With low or minimum payments, the accruing interest makes it very difficult to pay off credit cards and other high interest debts. If you are one of those individuals who finds it hard to keep up with monthly bill payments, then mortgage refinancing can be the answer for you. It can also help if you are looking to make a large purchase, do home renovations, pay for an education or other reasons.
What Is Mortgage Refinancing?
Mortgage refinancing refers to a process where your existing mortgage or mortgages are replaced with a new mortgage. This new mortgage will completely replace your previous mortgage(s), usually with a completely new set of terms and rate. If you are a resident of Milton, a mortgage refinance Milton will provide with a new amount of money to pay off your original mortgage(s) and any added debts that you are trying to consolidate.
What Are the Advantages to Refinancing?
Essentially, a mortgage refinance process can help you use the equity in your home to reduce your overall monthly payments and spend less on interest. Sometimes the current mortgage rate is much lower than the interest rate you locked into with your first mortgage. By refinancing, you can use your new mortgage at the lower rate to pay off the first mortgage, which will put more of your monthly payments toward your principal rather than your interest portion.
If you require extra funds to pay for large expenses, such as your child’s education tuition or home renovations, you can ‘cash out’ some of the equity in your home through a mortgage refinance process. You would refinance your mortgage for a higher principal amount in order to access the extra capital to pay for these expenses. You can also use these funds to pay off other high interest debts, such as credit cards, store cards or unsecured loans in order to relieve yourself of multiple monthly bills and payments. This usually results in better cash flow with lower monthly payments. You can use the extra cash to pay down your mortgage faster, or to put some savings on the side so you don’t fall into the borrowing trap again.
If you find yourself in stressful financial situations, consider refinancing your mortgage to help reduce your bills and pay them off faster. Consult with a professional mortgage agent, such as Lee Anne Taylor, and put some money back in your pocket. Mortgage agents are the most qualified professionals to negotiate the best mortgage package for you and to review your options. Even if you don’t want to borrow more money to consolidate debts, refinancing your mortgage can make sense if you can get a much lower interest rate, or if you want to try to pay your mortgage off faster. A certified mortgage professional can show you all your options and find you the best deal – at no cost to you.
How a Milton Mortgage Broker Can Help You
Milton is a town on the rise. Back in 2006, when the latest census data was released, it was shown that Milton is growing faster than any other municipality in the area. The town saw a 71.4% increase in just five short years. Located 25 miles west of Downtown Toronto, Milton has much to attract visitors and new residents alike. Here you can find campgrounds, conservation parks and recreational areas among other things. If you are thinking about moving to this area, a Milton mortgage may be just what you need to find the home of your dreams.
When you go to choose a mortgage in Milton, you need someone who can help you get a great rate as well as the right terms. Are you a first time home buyer or have no proof of income? You can still obtain a mortgage with the help of the right broker. The same is true if you have bad credit or no credit. Past bankruptcies are not an issue and the self employed can buy a home if they know where to look.
Experienced mortgage experts can sit down with you to help assess your situation and needs. You can get better service and support than through your bank, and access to hundreds of lending products throughout Canada. Mortgage brokers deal with banks as well as finance companies, private lenders, credit unions and finance companies. You only fill out one application, and your loan request can be shopped across multiple lenders. Best of all – the extra service and guidance doesn’t cost you anything – but could save you thousands over the life of your mortgage. Don’t delay any longer as home ownership is now in everyone’s reach.
The same is true if you are already a home owner. You may be looking to refinance or obtain a home equity loan. Your Milton mortgage broker can help you decide if this is the right move for you. It may be that a home equity line of credit will work better for your needs. Do you find yourself struggling to make ends meet due to high credit card bills? Talk to your broker about debt consolidation instead.
As of now, it appears that 2012 will be a decent year for the housing industry overall. .The market appears to be stable and the economy looks to be on the rise. Thanks to low mortgage rates, you can have the home you have been looking for easily. It doesn’t matter if you are looking to buy a new home or obtain a better deal on the one you currently have. With the help of First Class Mortgages, you can do whatever works best for your unique situation and reach your goals easily.
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