Mortgage Loans – Mortgage Brokers help you Prequalify!

If you are a first time home buyer you might be surprised how fast a deal can move in a busy real estate market like Victoria’s and mortgage loans take a little time to organize.  Jodi Baker, our first time home buyer expert, advises that you use a mortgage broker to prequalify for a mortgage loan so that you are able to move quickly when buying a house.

Prequalifying for a mortgage loan will also help you determine how much house you can afford.  You certainly don’t want to fall in love with a property that is beyond your means, which will just lead to disappointment!

A mortgage broker can help you prequalify and will shop your portfolio around to all the banks and lending institutions to get you the best terms on a mortgage loan.  They will almost certainly negotiate a better deal for you than you could get on your own!  Brokers are familiar with a variety of financial institutions and know where to get the right financing options for your particular situation.

Even a small difference of half a percentage point can make a huge difference in how much you pay over the life of a loan. For example, the difference in the monthly payment on a $100,000 mortgage at 8 percent vs. 7.5 percent is about $35 per month. Over 30 years, that’s $12,600.

Mortgage brokers will work on your behalf (over weekends and evenings if necessary), and unlike bank staff, are not tied to any one financial institution thus offering true unbiased advice with your best interests in mind.  They will do all the legwork saving you time and money.

So make sure you’re ready to act quickly when you find that perfect first home!  Jodi Baker can refer you to an independent mortgage broker who can help you prequalify for a mortgage loan, with the right terms.