How does working with a mortgage broker benefit you?
Time is money so why not save time and avoid handing out fees after fees unnecessarily? Mortgage brokers are well versed with the rules of the mortgages and provide you with the suitable plan without wasting your time. It is always a smart decision to get a mortgage broker involved in your deal.
Before applying for a mortgage, do you need the full deposit?
Yes, but indirectly. The lenders would want to be convinced that you can pay off the complete mortgage as well as the deposit that you agree to. This comes as your banking history, your credit score, or your tax returns as well. Your financial documents are evidence of your financial handlings.
How do mortgage brokers qualify borrowers?
The main asses that come with the mortgage broker is the social network they come with. A broker will run through their contact and gather enough loan options from many lenders that the borrower can consider from and can get the mortgage qualified. But the borrower will only be paid once loan transaction is processed.
What information does a mortgage broker require from me?
A mortgage broker would require the details of your income, the debts that you have of any nature and your credit score details. The more a broker knows, the better service they provide. They need a detailed insight to the financial situation that you have. It also includes your ability to pay the mortgage payments effectively.
How long does it take to get approved for a mortgage in Mississauga?
While there is no fixed time, the expected time duration is somewhere between 2 to 4 weeks’ time if there is no missing document, evidence or any formality that has not been completed. Mississauga has efficient mortgage processing body which does not delay the processes unnecessarily.
Do mortgage brokers offer pre-approval?
Yes, they do based on the preliminary evidence that they have but in no manner is this approval considered final. They may make an offer, but the final approval comes only when the money from the lender is on board and has approved it. There may also be conditions added in the pre-approval that need to be met at the time of approval.
