4 Uncool Things That Can Happen When You Don’t Use a Mortgage Broker When Buying a Home This Summer
There are some friends, family members, and coworkers out there, who whisper in your ear and tell you that you don’t need to use a mortgage broker when buying your first home. These are the same folks who try to convince you to skip the professional mechanic and instead let their cousin Frank take care of the transmission. A week later you’re stuck on the BC-97C in 40°C.
Still not sure? Hey, we get it – as on the surface it seems that cutting out a middleperson is the most efficient course of action. However, when it come to buying your first home, the surface is not what it seems. Are you preparing to enter the market this summer? Below is a breakdown of what can happen if you don’t use a mortgage broker at this unique time of the year. Here’s a hint. It’s not very cool.
You Get Worse Terms Than You Deserve
A professional mortgage broker has longstanding relationships with all sorts of lenders and home financiers, not just the typical banks (BMO, CIBC, TD, etc.). Unless you’re deemed to be the “perfect candidate” for the big banks you most likely won’t get the optimal terms (down-payment requirement, length of mortgage, etc.). Very few buyers fit their criteria for the ideal borrower. Instead, the BC Southern Interior is a melting pot of first time buyers, freelancers, single persons, single parents, seniors, young couples, and everyone in between. Traditional lenders may see you as a risk, whereas others value you for what you are – a smart investment in the future of this great region! Our mortgage brokerage will connect you to these lenders and be at your side to ensure that you get financing terms that you deserve.
You Pay More Than You Should Have
This is the bare bones of it. While advertised variable and 5-year fixed mortgage rates are at all-time lows this summer (2021) you could still end up paying more than you need to. Advertised rates are just that – the rates lenders want you to know about. What they don’t put on public offer, are the true discounted rates that they are authorized to provide to brokers that they have longstanding relationships with. Without a broker, you won’t know what these rates are, nor will you enjoy the subsequently lower required down-payment, lower monthly payments, and lower overall cost of the mortgage. Brokers can even connect to you to first time buyer incentive programs and other means to help secure your down-payment.
If nothing else – paying more than you have to is definitely the worst thing that can happen when you don’t connect to a broker.
Someone Else Scoops Up Your Dream Home
There’s a LOT of red tape tied to buying a home for the first time. Cutting through the calculations, calls, contracts, credit checks, documents, meetings, and negotiations takes time. During this time, other more-prepared buyers are already hunting for properties. Among the tightening Penticton and South Okanagan inventory is your dream home. However, it won’t stay on the market for long. With world-class wineries, award-winning restaurants, craft breweries, local food markets, festivals, concerts, and ski areas in addition to an abundance of entertainment and recreation facilities people are flocking from all over the country, not just to visit – but to live and invest in. Buyer activity ramps up significantly in the summer season, and every day that you delay puts you at risk of losing your dream home. Don’t let that happen. Instead, let the city’s most trusted mortgage broker take on all of the red tape, meetings, and negotiations for you (and with you) so that the steps between mortgage pre-approval and turning the key on the door of your dream home, are few.
You Miss Out…on Summer
Remember those world-class wineries, award-winning restaurants, craft breweries, local food markets, festivals, and concerts (etc.) that we mentioned above? Those aren’t just for tourists – they are for you! But if you spend all of your summer bogged down in the aforementioned calculations, calls, contracts, credit checks, documents, meetings, and negotiations you will have missed the boat – figuratively and literally. As family people, Carloni Mortgage Brokers understands how valuable the summer months are for spending time together. We are here not only to ensure that you get the best mortgage terms, rates, and quicker access to your dream home, we are here to make sure you get to enjoy the best parts of life. We take care of the bits and pieces that bring it all together. Give us a call at 250.493.9111,then feel free to hit the docks, green, lakefront patio, of whatever else that you and your loved ones enjoy at this time of the year.
Comentários