Have you reached the point in your life where you believe it is time to get your home? If you have, there are several steps you have to go through to get the keys to your new home and new life.
Fortunately for you, we have put together some help for the truly uninitiated, so you know what the process is and what you have to do. It is hoped that, with these tips, you will be in a better position to get the mortgage you want in a faster time.
Whether you go and see a lender yourself or hire a broker to take care of the legwork for you, you will have to provide the same information necessarily. You will have to have your employment proof, collateral, assets, amount you can put for a down payment, etc.
The main difference between a lender and a broker, in this case, is that each bank you go to will pull a credit report whereas a lender will pull one report and use it to talk to multiple lenders. The report works out well for your credit rating.
So, to recap here’s what you need before you go anywhere:
1 year / fixed
2 years / fixed
3 years / fixed
5 years / fixed
As Low As
Ok, now it’s time for you to go shopping for mortgages. If you use a mortgage broker, you can skip this step as the broker does this part for you. If you are going at it on your own, then you will have to talk to several lenders individually.
This is a tedious process, but necessary if you want to get the best possible rate for yourself.
Gathering Information From Lenders
What you want to get from the lenders are:
Ready For Signing
Once you have found the mortgage that works best for you, the lender will get the paperwork together for you to sign it. READ IT FIRST! There is always fine print, and if you gloss over something, you could be in serious trouble later on.
Ensure you understand everything before you sign your name anywhere on those papers. Reading all the terms of the mortgage protects you from being unpleasantly surprised down the road.
What Comes Next
After you have carefully read the lease terms, understand them, and agree to them, all that’s left is to sign the papers. When the time for closing comes around, you pay the closing costs and any other fees due at closing.
After that, it’s up to you to get moved into your new home. After that, the final step is just to make your payments every month. Failure to do so will result in you losing your home and everything you put into it, financially and otherwise.
I would just like to thank Certified Mortgage Broker Toronto on behalf of me and my husband. Everything worked out perfectly and we got an excellent rate. We picked up our keys and everything is great. Could not recommend them enough. Excellent service and excellent team. Thank you.
I don't usually write reviews, but with CMBT I felt obliged to. Absolutely AMAZING service, I never chased these guys and they were always very clear with my options. They went above and beyond to find me the best rates and were very clear and understanding. They explained everything and made the whole process easy, I really could not recommend these guys enough.
Great guys and great service. The whole process was quick and done very professionally. They had the best rates we could find and were very helpful with explaining the whole process and all our options. Will absolutely be using them again.
After my first bad run in with mortgage brokers I had a coworker refer these guys to me, and I can honestly say this was a quick, easy and all around great experience. Being a first time home buyer I was kind of worried I was getting in over my head, but the team At CMBT was very understanding. They walked me through the whole process and answered all of my questions. They found the best rates and we went over them together. These guys are honestly a pleasure to work with and I would absolutely recommend you check them out if your looking for a high quality mortgage broker service.