I was reading an article about young people in Canada saving up to buy their first home. In the article it mentioned some young people are spending up to 13 years to save the 20 percent required by the Canada Mortgage and Housing Corporation. You shouldn’t have to wait a decade to buy your first home, especially if you are recently married! You will need to look outside of yourself and find a great team of mortgage professionals to help you find the best lenders possible – don’t wait 13 years! Check out these reasons why a mortgage broker just makes sense for newlyweds.
Take the stress away – leave the money to the professionals
Let me paint a picture for you: you are recently married and living in Toronto. The next logical step in your new life together is to settle into a perfect family home. You have an idea in your head of what it already looks like – you have been cultivating this concept since you were a little kid. You have even picked the neighborhoods that are in your price range and are also a reasonable commute from your workplace. You’ve talked it through with your spouse and you both feel you are ready to take the next step.
Except you don’t know a thing about mortgages
It’s ok, no one really does. Sure, all homeowners were once on the outside looking in – I remember clearly the feeling of envy when I heard co-workers talk about their low interest rate around the water cooler. I couldn’t wait to get a mortgage, and I really didn’t know anything about them. It’s natural to want to learn more about mortgages when you are buying your first home. If you weren’t all about educating yourself as much as possible you wouldn’t be here reading this article. Mortgages can be a bit complex so I’ll just discuss the differences between a mortgage broker and the bank.
A bank is one lender. A broker is many.
A bank is a single entity. They make their decision on a customer and their is no wiggle room. A broker is someone who works with many different lenders and will be able to find you the best interest rate. For example, a typical bank may only have 1 interest rate and it’s a ‘take it or leave it’ for your mortgage. A mortgage broker will find many different options for you and your mortgage. They have other lenders separate from the big banks and these lenders are often in competition for good clients. This allows their interest rate to be as competitive or more competitive than the big banks which is going to save you a boatload of cash over the life of your mortgage.
Get a mortgage broker and you will save money
It’s really that simple. I’ve talked to people who have used a traditional bank for their mortgage and when I ask them why they didn’t use a mortgage broker they just shrug their shoulders. Most people don’t take the time to educate themselves. Some just use a big bank because their parents did. Educating yourself is going to save you a ton of money. Use a mortgage broker and you won’t be let down.