When should you talk to a Mortgage Broker?
It’s getting to that time of year when many home buyers are thinking about making the move. There’s probably a few things up in the air that need to be sorted out before you can decide what to do. Many people find themselves in this position and are afraid to move forward because of the unknown. Don’t giv
e into your fears! There are always options to look into. Maybe your timeline will change, but the answer will never be NO.
So when is a good time to talk to a mortgage broker?
There’s no wrong answer to this. We recommend you talk to a mortgage broker when you have a goal in mind or your situation calls for exploring that option of buying a house. Consider buying a home if one of these applies to you:
You’re renting a house and think you could be paying the same amount per month towards a mortgage.
You have good credit and good job history
You have a down payment saved
Even if you don’t fit into one of those categories, you could still qualify for a mortgage. We work with many lenders that provide different requirements for a mortgage and you may be pleasantly surprised! This is the time to talk to a Mortgage Broker. Bank reps work for the bank - a mortgage broker works with you to get you to your goals. Enrich mortgage brokers help their clients with credit repair strategy, assisting with down payment, and strategic investment planning.
What will your mortgage broker ask you?
The mortgage broker’s role is that of ‘match-maker’, so your Enrich broker will ask you questions about your goals. The Enrich broker will ask some fundamental questions that usually revolve around four things: income, credit, down payment, and the type of property you want. This will give your mortgage broker a better understanding of your situation. They can use that information to look at their lenders and provide you with a good estimate of your qualification. A mortgage broker can work in tandem with your bank, so we don’t do a good job of teaching people this, but get a second opinion!
Will this cost you?
NO! Your Enrich mortgage broker is typically paid by the lender once you’ve picked up your keys to your new place. Mortgage brokers offer more personalized, flexible service - use them!
To get started just CLICK HERE
What happens when I am Qualified?
Congratulations! You now are able to go and find that home that fits your budget and criteria. The key is to now follow some simple rules: constant communication between your realtor, mortgage broker and yourself, no new credit applications, don’t make any changes to your employment/income situation and don’t make any late credit payments. Your approval will hold for 3-4 months, so take your time finding a Real Estate Agent you like. We will have some recommendations for you if you require. As you search for your home, we won’t leave your side. We will continue to work with you to make sure you get the best rate possible all the way until closing.
What if I don’t qualify?
There are times that your pre-approval won’t provide any answers for right now. This doesn’t mean that you don’t have options for the future. Your Enrich mortgage broker will provide a breakdown of what needs to happen for you to get closer to gaining a mortgage. You might be advised to work on your credit score, save a bigger down payment, or there may be some other special circumstances for your situation. Whatever it is, your mortgage broker will help you find a plan and a timeline to get you approved.
Any Real Estate Agent will recommend that you start working with your mortgage broker right from the beginning. It will give you the advantage to have your pre-approval put in place when putting an offer in on a house. Not to mention, you won’t waste your time looking at houses that don’t fit your budget.
Apply today and get your mortgage plan going!