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5 Reasons to Hire Expert Mortgage Brokers in Mississauga

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TermTypeRate
1 YearFixed Closed6.69%
2 YearFixed Closed6.04%
3 YearFixed Closed4.94%
4 YearFixed Closed5.04%
5 YearFixed Closed4.69%
Secured Line of CreditOpenPrime + .50%
5 Year (Prime 6.95% less 1.15%) VariableClosed5.80%

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Hiring the right expert mortgage brokers in Mississauga before investing in real estate is a crucial step in the process. Purchasing property involves significant financial decisions and long-term commitment. Any errors in judgement could affect your family’s financial stability. Getting the right brokers to help you ensures that you’re aware of the various pros and cons before making the final decision and signing the paperwork. Read ahead for some detailed information on how the professionals can assist you through the real estate investment process.

You Get Access to the Most Economical Mortgage Rates of Interest

Economical rates of interest can lower the final amount you pay for the property, so you get debt-free sooner. Expert mortgage brokers scout around the market to find their clients the best mortgage rates of interest with favourable terms and conditions. Homeowners typically think of going to the bank as a source of funding for their purchase. However, mortgage brokers in Mississauga can connect you with alternative sources offering you lower interest rates and possibly, other repayment perks. Of course, you always have the option to refinance at the end of the mortgage term and switch to cheaper lenders.

You Avoid Getting Your Credit Score Pulled Multiple Times

Before offering you a mortgage product, lenders typically conduct a credit check. Each time you contact a different lender, they’ll conduct their own checks and verifications. Every hard pull or credit check results in your credit score getting affected negatively. Should you choose to hire mortgage brokers in Mississauga, they’ll check your scores just once and scout around the market for lenders and interest rates that match your needs.

Most credit reporting agencies understand that when borrowers contact various lenders for a specific loan, credit checks are conducted. For this reason, they allow you a 14 to 45-day time frame. All credit checks within this period are considered a single credit pull. However, chances are that your search for the best lender takes longer. This is why, relying on reputable mortgage brokers is always a smarter move.

You Get Access to In-Depth Industry Information

Investing in the real estate industry involves several nuances that laypersons are unaware of. Relying on a professional broker gives you access to insider information that can go a long way in helping you make the right decisions. They will also help by representing you when meeting and negotiating with lenders. Most importantly, you need not worry about paying the brokers. That’s because their fees are covered by the lenders that provide you with the loans. And, since mortgage brokers in Mississauga work after hours, you can schedule appointments at your convenience and around your work days.

You’ll Work with Accredited and Licensed Professionals

Contacting and working with trained brokers always works in your favour. That’s because, before working with clients, brokers must acquire the necessary licensing and accreditation from several apex agencies like:

  • The Canadian Mortgage Brokers Association of Ontario organizes licensing and continuing education courses that members must take. This body also backs member brokers when dealing with any local and provincial issues or when working with any other licensing and regulating agencies.
  • The Mortgage Brokers Association of Ontario holds member brokers accountable for serving clients with outstanding ethical and professional standards as outlined by their rules. Brokers are also expected to comply with their qualifying criteria.
  • The Financial Services Commission of Ontario (FSCO) lays down several licensing and educational requirements that brokers meet before they can offer services to their clients as fully licensed mortgage brokers.

Your Broker Connects You with the Other Professionals You Need

Investing in real estate isn’t just about finding the right house. You’ll require the services of several other professionals to evaluate the property and assess its suitability for investment. Your broker will connect you with the right people who can assist in the purchase. Here are some of the people you’ll need.

  • Realtors to help you find the right house and negotiate the right price. Realtor activities are supervised by the Real Estate Council of Ontario (RECO).
  • You’ll need an expert to inspect the house and identify the areas that need maintenance and repairs. The right professionals can also advise you on the expected costs and long-term issues that can arise. You can check the Ontario Association of Home Inspectors website that lists the right people.
  • Having chosen the right property, you’ll need a real estate lawyer to prepare the necessary documentation and ensure that the deeds, ownership, and titles are clear.

Whether you’re looking to purchase or sell real estate, always rely on the services of expert mortgage brokers in Mississauga for assistance.

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Karen Parrot
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