The Benefits of Using a Mortgage Broker
VANCOUVER -
There is a lot to think about when preparing for a home purchase.
Many people seek out the help of a realtor to guide them along the home buying process, but that's not the only professional would-be buyers should reacch out to.
President and CEO of Mortgage Professionals Canada Paul Taylor joined CTV Morning Live to share that buyers should contact a mortgage broker before contacting a realtor.
The purchase of a home is likely the biggest financial investment most Canadians will make. A professional mortgage broker can offer sound advice based on an individual’s personal financial circumstances.
They can usually negotiate for the best interest rate and are able to outline the most suitable options for the home-buying budget.
Consulting with a professional mortgage broker is even more important during the current housing market.
At the start of 2022, inventory has been at an all-time low. The repercussion of that is that competition is fierce and prices continue to increase.
A mortgage broker can help outline an appropriate budget and assist you in understanding your financial capacity. People should not overbid on a property if they are not clear if they will be able to secure financing.
Taylor shared that many economists predict that due to inflation the Bank of Canada may hike interest rates by two to three per cent.
This will influence mortgage rates and have many people entertaining whether a fixed or variable mortgage is the right fit.
People can visit findmeabroker.ca to connect with a mortgage broker professional in their neighborhood.
Check out the full video from CTV Morning Live to learn more.
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