Common Mistakes People Make When Searching For A Mortgage
As a mortgage seeker, you’re naturally looking for a mortgage with the most favorable terms possible. However, to get the best product in the market, you first need to figure out how much you can afford, understand the different lending rules and mortgage requirements, and consider several other factors before taking the plunge and applying for a mortgage.
Unfortunately, more often than not, people make important decisions about their mortgage without adequate knowledge or expert assistance. Errors made before or during the process can result in a higher interest rate or a denial in their mortgage application.
To help you avoid costly mistakes and ensure you’re fully prepared to qualify for a loan, Bob Beach - The Burlington Mortgage Centre has compiled a list of the most common mistakes people make when searching for a mortgage.
1. Shopping for a mortgage on their own
The most common mistake people make today is that they shop for a mortgage on their own. As a result, they leave many options off the table. Besides, fifty percent of lenders aren’t even available directly to the public!
2. Not involving an impartial expert
Not involving an impartial expert is like doing your own will or repairing your car engine with no experience. Without a professional mortgage broker, you may be open to receiving and accepting sub-par offers from lenders. While good-intentioned lenders know the general public isn’t aware of the best rate or product, they only have a small view of the entire market available to them.
3. Not consulting a mortgage broker
The best way to find the right type of mortgage or resolve any mistake is by working with a mortgage broker. Mortgage brokers have access to multiple lenders so they can help you obtain the most fitting mortgage product for your needs. Moreover, they get you the best rate in the market, thereby helping you save thousands of dollars in payments and interest.
4. Submitting multiple applications at one time
When people search for a mortgage themselves, they often submit several applications at the same, which can cause multiple credit hits to their credit bureau. Brokers only need to do one, and they can use it with thirty to fifty lenders, thus leaving their bureau pristine.
If you’re looking for a qualified mortgage broker to help navigate you through the mortgage application process, reach out to Bob Beach - The Burlington Mortgage Centre.
With over twenty-five years of experience as a banker and mortgage broker in Burlington, ON, I can help you find the right mortgage product at the best rates and terms. I work for you and not the lender, so my advice is unbiased and focused entirely on your needs.
I offer a complete range of residential mortgage services, including Mortgage Pre-Approval, Financing Purchases, First Time Home Buyer Mortgages, Self Employed Clients, Damaged Credit Clients, Second Mortgages, and Private Mortgages. I serve clients across Burlington, Waterdown, Oakville, Milton, Hamilton, Stoney Creek, Ancaster, Dundas, Grimsby, St. Catharines, Niagara Falls, and Niagara-on-the-lake.