Want to know the single most important tip that is SURE to help EVERY SINGLE first time home buyer succeed? Huh? Do you??
Here it is…. Ready? It’s big…
THERE. ARE. NO. DUMB. QUESTIONS.
If you needed medical advice, you would go to a doctor and ask questions. If you needed legal advice, you would go to a lawyer and ask questions. If you were building something and needed structural advice, you would call an engineer. When it comes to purchasing Real Estate, you should be asking your Real Estate professionals about absolutely everything and anything!
Recently, while working with first time homebuyers, my colleagues and I heard our first time clients prefacing their concerns with lines like, “well, I’m embarrassed to ask, but…” and, “I know this must sound like a stupid question, but…” Stop right there. You wouldn’t believe it, but I have friends and clients so overwhelmed and intimidated by the home buying process, they abandon it entirely, and just continue to rent.
So. Here is the thing I’m desperately hoping you’ll remember: Our job is to answer any question you can think of when it comes to Real Estate – big or small. Our job is also to tell you “I don’t know” when we don’t know, and follow up with you later after we research the answer.
Buying a home is a big step! A big, very exciting, and potentially ultra-stressful step. Stop trying to take on the world, and give yourself peace of mind by working with a dedicated and experienced Mortgage Agent and Realtor that can get you the best answers quickly. After all, as a first time homebuyer, this is likely the largest financial transaction that you’ve ever made. You’re making a 25-30 year commitment to repay a loan for a property – you’re entitled to every answer you want!
OK – so, we’re clear? If there is anything you don’t understand – you’ll ask… Right?
Just in case, let’s talk about Mortgage Agents a little more so you understand how it works.
Let’s start with…
What is a Mortgage Agent?
A Mortgage Agent is a match-maker between homebuyers looking for dollars to borrow, and lenders with dollars to lend. A good Mortgage Agent collects your financial information, and talks with you about your long and short-term goals. Ultimately, we help you make decisions to ensure optimal, future financial success. We’ll also identify any high points or low points in your application, and provide advice to strengthen your file before taking it to a lender.
Here’s what you’ll get out of talking to a Mortgage Agent:
- You’ll know what you can afford. None of this falling in love with a house and then not being able to afford it business!
- You’ll know what areas of your application need work before you submit an offer and create a five-alarm fire!
- You’ll be confident that your financing is in order and gain negotiating power.
- We’ll eliminate the stress, and make your home buying purchase more enjoyable.
Why would I use a Mortgage Agent over a banker?
- Mortgage Agents shop rates and products from 70 different Institutions. This includes banks, Credit Unions, Non Bank Lenders (also called Monoline Lenders) and Trust Companies. For example: Toronto Dominion, Scotiabank, First National, MCAP, CMLS, Radius, Merix, Street Capital, National Bank, Canadiana, DLC Mortgage, Equitable Bank, Optimum, Home Trust, ATB, and Bow Valley.
- Multiple Options and Opinions. If your health were affected, would you settle for just one doctor’s opinion? Why get just one option when your financial condition is experiencing the most significant transaction of its life?
- Application process is simple and quick. You fill out a quick application, produce a few signatures and provide a 30-minute time slot for a goal setting session!
- Available on your terms. Mortgage Agents work evenings and weekends, and you’ll be in touch through their personal cell phone. This definitely isn’t a 1-800 answering service. Also, a good Mortgage Agent will offer different mediums for meetings; face to Face, phone, Skype, Zoom or email correspondences are all possible.
- One credit bureau. Many people inadvertently disqualify themselves from getting the best rate when they are shopping for a mortgage. When multiple banks pull a credit bureau, your Beacon score can drop, sometimes eliminating the chance for the best mortgage, or, in extreme cases, any mortgage at all. A Mortgage Agent pulls your credit bureau once, and can send it to 70 lenders!
- There’s a mortgage product available for almost everyone. When a person’s situation isn’t ideal, there’s usually a story about why. It is a Mortgage Agent’s job to tell your story to a lender that will qualify you. (Multiple times if )
- Mortgage Agents are licensed Experts. Most bank employees are not certified, and have a working knowledge of their own bank’s products and services This makes it impossible for them to advise that you go to another lender who could potentially qualify you.
- Mortgage Agents work for you, not the banks. An agent doesn’t get paid unless they fund your mortgage with a lender that is giving you the product you need. Also, a mortgage Agent is incentivized to get you the best rate possible, to maximize your purchasing power!
So – let’s be really clear on this final point:
The services of a Mortgage Agent are free to you.
Your Agent is 100% dedicated to finding your perfect deal and keeping you happy. If they don’t – they don’t get paid.