Mortgage Brokers – What Can They Do For You?

Obtaining financing and taking out a loan from the bank for hundreds of thousands of dollars is probably the most stressful part of buying a home, and the biggest purchase people will make in their lives.

In the past, home buyers in Muskoka have pretty much turned exclusively to their banks for their mortgage needs. These days there are more options thanks to mortgage brokers. Independent mortgage brokers are licensed mortgage specialists who have access to multiple lenders and mortgage rates. They essentially negotiate the lowest rate for you.

A mortgage broker can save you time and headaches. Instead of meeting with every bank in town, they do all the work for you. They act as a liaison between you and the lending institutions. Mortgage brokers negotiate the best available terms and rates on your behalf, and will usually work with dozens of different lenders to do so. It really is the most efficient way to get the best mortgage for your needs.

A mortgage broker can help you with all aspects of a mortgage, from figuring out how much you can truly afford, to determining the best mortgage product for you, to finding ways to save you money and pay off your mortgage faster.I
Since mortgage brokers are only paid when a loan is approved and signed, their assistance will cost you nothing.

2. Mortgage brokers help those with less-than-perfect finances secure a loan.
For those with blemishes on their credit report or a low household income, a broker might be able to negotiate better rates than if you approached the lending institutions yourself.

3. Mortgage brokers will save you time.
Mortgage brokers will do all of the legwork for you in terms of paperwork and negotiating with lenders. They will also be your point of contact for everything related to your financing.

When deciding which type of financing is right for you, here are a few details you need to make sure you share with your mortgage broker or the lending institution you decide to work with:

Prepayment
How often will you be able to make additional payments on your mortgage without being assessed a penalty, and how much will you be able to pay?

Frequency of payments
Whether it’s weekly, biweekly, accelerated biweekly or monthly, make sure the lender offers the payment frequency you feel most comfortable with.

Penalties to breaking the mortgage
Make sure that you are fully aware of what the penalty would be should you decide to opt out of your mortgage term.

Here are links to some local Muskoka Mortgage Brokers that we recommend:

James Zantingh, The Mortgage Centre
http://www.mortgageandlending.ca/

Leslie McCann, Summit Mortgage Services
https://www.summitmortgageservices.ca/

Springify Your Cottage or Home

Sell Sell Sell – Take all that extra stuff and have a garage sale! Clean out cupboards, basement and garage and let other people have a chance to enjoy the things you don’t use anymore – and make some cash!

Give It Away – What doesn’t sell at your garage sale, or if you don’t have the time to have one, give your extra things to a charity like the Goodwill or Salvation Army. Helping those who are less fortunate will help them and help you.

Clean Out The Garage – The garage is the place where things go and never return. Spring is the time to pull out those large items and take them to the dump.

Scrub It Clean – There are some things that aren’t a part of our daily (or weekly) cleaning routine. Spring is the time to clean out all those nooks and crannies. Think about your gutters, dryer vent, under the bed and behind furniture. Don’t forget the cupboard under the kitchen sink!

Organize – Now’s the time to go through those kitchen junk drawers, the desk drawer that will hardly close, even your dresser drawers (if they have mysteriously gotten too full over the past year).

Update Curb Appeal – Nothing says spring like flowers and some colour. After a drab winter, brighten up your home by planting some flowers either in the garden or in pots on the front porch or alongside the driveway.

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