The advantages of being guided by a mortgage broker in buying your first home.

In this article

  • The role of a mortgage broker in the home buying process
  • The Benefits of Using a Multi-Prêts Mortgage Broker
  • Get the best mortgage and get informed
  • Choose your broker

You are starting to feel cramped in your apartment. There is no bedroom, your bikes in the living room have become bulky and you are thinking of buying your first property. You wonder if you can afford it and you don’t know where to start.

Buying a first home already involves a series of decisions to make. Are you more of a condominium or single-family type? Do you prefer to be in the city or in the suburbs? Does your property need to be accessible by public transport or is the car right for you? Close to a children’s park? With a swimming pool? A hot tub?

Role of a mortgage broker

Fortunately, a Multi-Prêts mortgage broker can help you with your mortgage decisions. It pre-qualifies you in minutes, determining your debt capacity. This tells you the kind of home you can afford while maintaining your lifestyle. Then it takes care of obtaining your mortgage, which saves you from having to knock on the doors of different financial institutions to obtain the required financing, a process that can be stressful and tedious.

The Benefits of Using a Mortgage Broker

A mortgage broker is an expert in his field and works with more than twenty financial institutions. He therefore has several financing options, unlike what a single bank can offer. Negotiate the perfect mortgage according to your needs, after studying your income, your situation (whether you are an employee or self-employed) and your level of debt. They represent you for the lenders and apply for a mortgage on your behalf.

Get the best mortgage

A mortgage broker is more than just getting a low rate on your mortgage. It is the negotiation of the best possible conditions, such as closing costs, which can represent a significant sum. It is also the possibility of blocking your rate for a period of up to 120 days, which can be very advantageous, especially in the event of a rate hike.

Be well informed

A mortgage broker develops strategies with you to accumulate the down payment, for example by using your RRSPs in the Home Buyer Plan (HBP). It informs you about government programs for which you may be eligible. He is always looking for new information, new mortgage products, as well as the various promotions offered by banking institutions.

He remains present to answer all your questions. In particular, it can help you determine if a fixed rate or a variable rate is the most suitable for you, given your situation or profile, or if you are eligible for the “Purchase Renovation” loan that allows you to carry out interventions on the property.

A mortgage broker informs you of the important elements to consider when buying your home, such as the certificate of position, title insurance, etc. He can help you plan the expenses related to buying a home, such as relocation fees and notary fees.

Choose your broker

How to choose your broker? You can start by checking their website and social media. These allow you to see if his publications are interesting and relevant and if the customer reviews are positive. It is also advisable to ask people around you to get references. When you find one, your best bet is to contact them and ask all your questions. You will see if a complicity can be established, because, after all, you entrust him with the financing of your most important asset.

A mortgage broker makes your life easier. He can save you time and especially money, which can help you later in your projects. It is a financial partner that will grow with your mortgage needs. It will be of good advice when renewing your mortgage or for any other real estate project.

The mortgage broker we’d be crazy about without! His services have only advantages and are free since he is remunerated by the credit institution. It is also important to note that mortgage brokers are regulated by the MFA and are subject to rules that serve to protect clients.

Don’t hesitate to contact a broker for all your real estate projects.

To remember

  • For a hassle-free home buying process, ask a mortgage broker for advice
  • A mortgage broker negotiates a mortgage on your behalf with the institutions, avoiding tedious and stressful procedures
  • It saves you time and money
  • The services of a mortgage broker are free. It is remunerated by the credit institution.

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