Finding the Best Residential Mortgage Solution to Meet Your Needs
There are different types of mortgages offered at varying rates and terms. Each of these is ideal for a unique situation. It’s important to understand the different types and combinations that would be ideal for your circumstance. Choosing the right mortgage will ensure you pay it off as fast as possible with the least amount of stress.
Finding a Suitable Lender
When you approach a bank, chances are that you will be offered their residential mortgages only. In this case, you will only be dealing with one lender and hence it’s hard to compare with other mortgage products in the market and make a smart decision. On the other hand, working with a brokerage helps you access a network of lenders with varying products. It gives you a better opportunity to compare mortgage products and find one that is most suitable for your unique situation.
Are You a First-Time Home Buyer?
If you are purchasing a home for the first time, it’s extremely important for you to think about your current savings, tax implications and how to apply among other factors. A mortgage broker can offer all the advice you need to explore available options for first-time homebuyers.
Do You Want to Renew Your Mortgage?
If you already have a residential mortgage that has completed its term and you would like to renew it, approach a broker who will help you take the right step. Sometimes renewing with a different lender can generate huge savings since you can get lower rates, better terms and or conditions.
Taking a Second Mortgage
It could be that you already have a mortgage but would like to take out equity from your home or consider other options like bridge financing. Second mortgages can come in handy in different situations. You may choose to take a home equity line of credit by using a portion of the equity you have built up in your property to acquire financing. Mortgage refinancing is another option to help you utilize the equity you’ve built up in your home. A good broker should highlight the residential mortgage solution and help you decide if it’s for you.
What If You Have Bad Credit?
Individuals with bad credit can also access mortgages although many lenders will review your credit history first. There are ways for you to repair your credit and find a lender who targets borrowers like you.
You may want to consider debt consolidation as a way of managing your lines of credit by making only a single monthly payment. It could be that you have low income and would like a mortgage. Don’t let anyone tell you that you cannot qualify for a mortgage.
Mortgages For The Self-Employed
Many people who are self-employed assume that they may not qualify for a mortgage because they can’t prove their income source. Working with a brokerage firm with experience handling self-employed clients can help you identify the best residential mortgage solution.
If you have any questions about this article or would like to discuss a mortgage with me directly I would be happy to answer any questions you may have.
Patrick Palmer: The Mortgage Cat
Licensed Mortgage Agent (Lic.#16000311)
South Oakville Centre, 1515 Rebecca Street, Unit c33, Oakville, ON L6L 5G8