Each year more and more homebuyers in the Toronto area are using help from an expert mortgage broker to find the right home loan, instead of relying on banks. Since early 2019 this trend has been increasing everywhere in Ontario. It’s especially noticeable in Barrie, London, Kitchener, Waterloo, Windsor, Ajax, Pickering, Whitby, Oshawa, Bowmanville, Peterborough, Ottawa, Kingston, Sudbury, Markham, Richmond Hill, Vaughan, and Thunder Bay. That’s because the government’s “stress test” is now motivating home buyers to seek the very best mortgage loans and interest rates.
A good Toronto mortgage broker can help you get the best interest rate and highest loan amount, with the most favorable terms. Here are some tips to help you find the right mortgage broker for yourself in Toronto or anywhere in Ontario.
The advantages of using an experienced Toronto mortgage broker
Mortgage brokers, also called mortgage advisers, act as expert facilitators between homebuyers and lenders. They work to get you the best loan terms to fit your budget, and they also help guide you through the sometimes-complex process of qualifying for a loan and buying real estate. Even if you’ve bought and sold many properties in the past, recent changes in financial regulations mean you’ll still benefit greatly from professional advice.
The top GTA mortgage brokers have deep knowledge about a wide range of bank loan programs. They often know about special financing options that aren’t available through the big banks, and they usually find the very best interest rates and loan terms.
The job of a mortgage broker is to shop around for loans on your behalf. In contrast, a bank only offers its own loan programs, which might not fit your needs. With deep knowledge and strong connections throughout the entire financial community, a good loan adviser can quickly find the best financing for you.
A mortgage expert is especially helpful if you’ve had poor credit or if you work in a non-traditional industry. They can help guide you through the paperwork needed to obtain a home loan.
Benefits of working with a mortgage broker
✔ Quicker loan approval
✔ Easier mortgage application processing
✔ Wider access to financing
✔ Lower interest rate
✔ Better loan terms
Do your “homework” first
Since buying real estate here in the Toronto area is such an important commitment, it’s worth your time to find the best mortgage, broker. The first step is to do the right research.
Ask your mortgage broker about his or her experience. Be sure to work with someone who has plenty of experience. Your broker should be very familiar with the community where you want to buy. In the GTA area and throughout Ontario, smart home buyers have been using mortgage brokers in these popular communities.
- Richmond Hill
- Thunder Bay
You should verify that your mortgage broker is licensed you can do this by using the following site (http://mbsweblist.fsco.gov.on.ca/agents.aspx). Also, it’s especially helpful to work us here are Citadel Mortgages as we are a leading mortgage brokerage firm based in Toronto and GTA area. Citadel Mortgages has the credentials and experience to find loans, even if you have a history of poor credit or irregular employment.
A good Toronto mortgage broker can get you the best interest rates
The most important reason for choosing the right mortgage broker is that you’ll have a better chance to receive the lowest interest rate for your loan. Interest rates may vary widely across different types of property loans, so you’ll want to be sure to lock in the best rate as early as possible.
Meet your mortgage broker in person
When you’re looking for a home loan here in the Toronto area, it’s important to meet your mortgage broker in person. That’s because knowledge and experience are the most critical factors in finding the lowest interest rates. When you meet in-person, you can assess the quality of service you’ll receive going forward.
You should avoid using “free” online interest rate calculators. They usually offer unobtainable “teaser” interest rates or point you toward other financing options that are penny-wise but dollar-foolish. Instead, you should work with a “live” mortgage broker in order to get the best results.
Ask the right questions
Meet with your mortgage broker as early as possible, and ask the right questions. Ideally, you should contact a mortgage broker when you first begin to think about buying a home or other property in Ontario. That way you’ll already know how large a home you can afford, and you’ll be able to confidently negotiate with sellers.
Financing any new real estate purchase, or refinancing your home, is a major decision. It’s important to make sure you’ll receive good service and support. By meeting with your mortgage broker in person and asking questions, you’ll quickly learn how well they can perform if any problem arises during the home-buying and loan process.
A good home loan mortgage broker will give clear answers to your questions, explain complex financial details in a way that’s easy to understand and help you compare all available interest rates. That way you’ll have peace of mind in knowing you’ve made the best decisions for yourself.
When you meet with a professional who is knowledgeable and patient and has great communication skills, then you’ve probably found the right person to meet your needs.
The best questions to “test” any Toronto mortgage broker
What kind of lenders does he have?
An expert mortgage broker will have relationships with a wide range of lenders. A variety of lending sources is important because properties in some communities may qualify for certain types of real estate financing, while others may not. Whether you’re in Toronto, the GTA or elsewhere in Ontario, a leading mortgage broker will have access to numerous banks, credit unions, and other financial institutions. Keep in mind that a good mortgage broker gives you access to special home loan programs that the “big banks” simply can’t offer.
What about reputation?
If a mortgage broker works with a wide range of lenders, then he or she is almost certainly reputable. That’s because banks and other financial institutions are very cautious about their partners. More lending sources mean more opportunities for you to get the right home loan on the best terms.
Does your mortgage broker listen well?
Communication skills are critically important in any financial decision-making process. You should work with a mortgage broker who listens patiently to your questions and concerns and then addresses them completely.
A mortgage broker’s questioning skills are equally important during the home loan process – You’ll want to work with someone who asks enough questions to learn about your individual financial situation and home mortgage needs, in order to avoid credit denials or other problems later. He or she should ask appropriate questions about employment and income, credit history, family needs, and any other factors to help you receive the best mortgage loan to buy or refinance real estate.
Get the best mortgage loan for your home in Toronto, or anywhere in Ontario
When you’re thinking about buying a new home or refinancing your current property, we can help. We’re the overall best choice for financing any real estate in the GTA and beyond.
Do you have a question about mortgage loans? Contact us for answers today!
By using a mortgage agent or mortgage broker from Citadel Mortgages, you will be able to ask all the questions you have and be ensured you get the best advice and mortgage product for your mortgage needs. Contact us here at Citadel Mortgages to become mortgage-free sooner!
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