In short, if you are thinking you need a mortgage, it’s best to reach out to them as soon as possible.
Connecting with an Ottawa mortgage broker early in the process, assists with making your experience stress-free and can align you with savings faster. As a mortgage broker can help you, from the review your pre approval application up to your closing date, they are your one stop shop and can save you time.
They can also help reduce the sadness and disappointment they can come from being declined for a mortgage. This is because, with more options and alternative lending solutions they may be able to find a mortgage option when your bank cannot.
Also, through their training, guidance and experience they can coach you in other areas such as building your finances or credit history.
Learn more: How to build your credit score
A mortgage advisor can help you determine what you can afford. The details that you provide to them will assist in determining your maximum home price. If looking for homes before talking to a mortgage broker, you may be looking at homes over or under your pre approval amount. Looking at homes over your pre approval amount can lead to a frustrating experience as it might set your expectations too high .
It’s quite often that people feel they may qualify for a house bigger than what the current mortgage guidelines will allow.
Learn more: Mortgage pre approval Ottawa
As a very soft rule of thumb, a person can qualify for a home about four to five times their annual income. Of course this can vary depending on the amount of debt and down payment you have.
Not only will a mortgage professional review your price and budget with you however they will also go over the other costs associated with buying a home. These costs are typically known as closing costs. They can include moving costs, land transfer tax, pre-paid property tax and more.
Learn more: Closing costs to consider when buying a house
Speaking to a mortgage broker early in the process is always recommended.
Also the mortgage professional can go through all the paperwork needed so that you can start to collect it upfront. It is much easier to start setting the documents aside early as opposed to having to rush to put them together at the last minute.
If you are already deep into the mortgage process, speaking to a mortgage broker for a second opinion is a great idea. If you currently have a pre approval that you are comfortable with, now is a great opportunity to contact a mortgage broker to see if the rate you have been offered is one of the best mortgage rates in Ottawa and Ontario.
Learn more: Best mortgage rates Ottawa
Some people prefer to do their own research and apply for a mortgage on their own such as with an online mortgage application. I do not recommend this as it is not an in-depth review. Plus, the paperwork has not been checked and it is also not looked at by a mortgage underwriter.