A mortgage specialist in Toronto is a licensed professional who has contact with multiple lenders who offer different mortgage rates. His job is to help buyers who need a mortgage to finance their purchase of a home or other properties to find the best rate, terms and conditions that is suitable for their particular needs.
Using a mortgage specialist can be very advantageous to you as a buyer:
1 – They can present you with more choices
Mortgage specialists typically have a list of lenders that they regularly use or have access to. Having a variety of lenders means that you have multiple home loan options to compare with that offer the best rates, the lowest fees and the most competent services. Some will also have exclusive access to some lenders that buyers won’t be able to contact directly and they will have to go through a specialist who acts as the link between these exclusive lenders.
2 – They can inform you of better rates
Mortgage specialists work with various lending partners so they can negotiate a better interest rate for you or ask for lower application fees from the lender in some cases. They can also give access to exclusive deals and special rates that are not available on the retail market. They may also be given wholesale interest rates by lenders because of the high volume of business they provide, and they can in turn pass these volume discounts on to you. On the whole, interest rates through a mortgage specialist can be lower than bank interest rates.
3 – They help individuals with non-conforming lending situations to secure a loan
Mortgage specialists are particularly useful for people with problematic credit ratings such as a bankruptcy or consumer proposal, those who are self-employed or have income that is unverifiable, those who need funding for different property types, or those who have been turned down by the banks for whatever reason. They are well-connected with alternative lenders offering specialty products, such as refinancing a consumer proposal or stopping a power of sale for those who are behind in their mortgage payments.
4 – They help you save time
Researching for mortgage products and comparing rates and terms on your own can be time consuming and complicated. You may not understand many of the financial jargon or calculate rates and terms correctly. A mortgage specialist can help narrow down your choices and recommend mortgage products that are the best fit for your budget. They can take one look at your application and credit report and immediately identify the most appropriate lender for your specific circumstances. They can also help speed up the application process by completing the required paperwork and interacting directly with lenders.
5 – They can save you money on fees
A mortgage can include different types of fees, including origination fees, application fees, and appraisal fees. A mortgage specialist will be able to negotiate with lenders and get them to waive some or all of the associated fees which can save you several hundreds or thousands of dollars.
6 – They provide ongoing support
Mortgage specialists can assist you during the entire course of your mortgage application, from pre-approval, home appraisal to closing. Some will even make themselves available to you even after the mortgage closes to provide advice and recommend opportunities throughout the term of your loan.
An increasing number of home buyers have used a mortgage specialist in Toronto and the GTA in recent years for advice and consultation during the home buying process. If you are a first time home buyer, you’ll definitely need these professionals to help you negotiate the complicated world of mortgages and make the process of finding the best mortgage easy and hassle-free for you.