In the real estate business, mortgage financing is known to make otherwise sane people a little crazy. Here in Lethbridge, we estimate that more than 10% of real estate offers are collapsing over financing alone. Fortunately, this crazy-making is completely preventable.
Long before you go house shopping, you should be sitting down, face to face, with a reputable mortgage broker to review your finances. (And yes, REALTORS® know good brokers! That’s our job.) While you can certainly sit down with a lender, that lender only has their mortgage product(s) to sell you. When you sit down with a broker, that mortgage professional has access to a wide array of lenders and mortgage products.
A good broker will look at your unique financial situation, your home buying needs and goals, and match you with the appropriate mortgage. More than that though, they will guide you through the minefield that is modern mortgage financing in Canada. (Oh how things have changed!)
You wouldn’t look at one house before you buy. why would you only look at one mortgage Product?
Beyond interest rates and monthly payments, there is also the issue of timing. When you make an offer on a home, you have a deadline to meet your financing condition on that property. If you and your mortgage broker did all the requisite homework and paper shuffling beforehand, you can comfortably meet that condition deadline. If you didn’t, you now have to request an extension from the seller which they are not obligated to provide. Worse, maybe the lender decided in the 11th hour that they won’t finance your purchase because there was something on your file that they don’t approve of. This is diligence that should be done before an offer is made on a home, not after!
Mortgage brokers are also motivated to get your financing approved on time. For good reason… watch my video below to learn more! And if you want to hire your own personal real estate dream team, call us! (403-382-7335)