We meet all kinds of mortgage shoppers in our business. Young and old, people buying their fifth home and people hoping to buy their first. Some people have zero debt, good income, and no credit history; There are also people with tons of debt hoping to refinance and make the kind of changes that get them back on track. You name the situation and I guarantee we’ve come across it, and can give the mortgage advice you need. To that end, I thought I’d take some time to boil down the act of getting a mortgage, into areas we like to call the brutal truths of mortgages:
A mortgage is a loan – a really big loan
I’m stating the obvious, but that’s because I never lose sight of the fact that a mortgage is a loan and as such, comes with 2 key parts: the part where you qualify for that loan, and the part where you get a loan that has the conditions you need to meet for successfully repaying that loan. Both ends of this require shrewd attention, because conditions can make all the difference in approval and repayment. I like to point this out to everyone so they look at their needs, goals and conditions from a holistic, 360-degree perspective instead of looking only at shiny rates while ignoring what’s under the hood.
Sometimes having patience (and a plan) gets you to a better mortgage down the road
Your credit history and debt load will have a huge impact on qualifying for a mortgage and the rate you qualify for. Many customers are shocked to discover that not having a credit card or debt history actually works against them when shopping for a mortgage. Other customers are surprised to see that simply reassigning some of their existing debt can make a massive difference in getting them qualified. One thing a lot of people don’t realize is that a great mortgage broker should also be a master of understanding debt. I can’t tell you how many folks we’ve helped sort out challenging debt situations so they not only qualified for a mortgage, but they also had a legitimate plan for getting out of, and staying out of high interest debt for the rest of their life. For these clients, getting a mortgage was actually life changing. Sometimes it takes a bit longer to get there, but in the long run, you’ll be miles ahead.
The lowest rate is the most important aspect of your mortgage. Except when it isn’t
If everyone was the same and everyone had perfect credit and debt history, we could all simply shop for a rate. Trouble is, that’s not really how things go. Sure, you’d be hard pressed to beat our best rates anywhere, but the truth is we all have a story, and for a whole host of reasons, good people can find themselves in tough spots. For example, jobs disappear, marriages end, and the investment market can fluctuate wildly. When these things happen, “perfect world” conditions don’t apply and sometimes we need to deal with big financial changes in our lives. Those changes might put people into conditions where they no longer qualify for the best rate possible, and when that happens, a smart mortgage broker can give you options and insights most of us couldn’t possibly find on our own. Conditions change and when you need a solution for those new conditions you’ll be hard pressed to find better advice than you’ll get from a mortgage broker who’s seen pretty much everything there is to see; me.
In the end you have a decision to make
Like anything in life, we all get to make our own decisions, and when it comes to getting a mortgage, you get to decide: am I going to get the best mortgage and financial solution on my own, or by working with someone I trust?
It’s a simple question. If you’re the type of person who really has your house in order, or the kind of person who simply loves planning and negotiating with banks and lenders, you just might be perfect at securing your own mortgage. If you’re the kind of person who wants a mortgage but finds the planning and negotiation process a challenge or worse, something you’d prefer to avoid like the plague, you’ll need to protect your interests by working with someone who’ll work their butt off for you.
We’re ok with whatever you think works best for you, but we’re also happy to have you put our approach to the test. It won’t cost you anything to find out, but it could save you a fortune.
Looking for a mortgage? Wondering if you qualify? Interested in refinancing? Our secure and completely confidential “no obligation” quick-form can give you answers, fast. Find it here.