If you are buying your first home or refinancing your present home, a mortgage broker in Woodbridge can help you with your mortgage. A Woodbridge mortgage broker has knowledge of the local real estate market, access to real estate agents, lawyers, etc. Our mortgage brokers act on your behalf to make the mortgage process as smooth as possible. As a new client you will be asked a series of questions to determine what type of mortgage fits your needs and whether you or not you qualify with our mortgage lenders. The goal is to let you know within a matter of minutes if you qualify for a mortgage and when you can have the money you need.
Some questions that a mortgage broker in Woodbridge will ask you:
– What is the value of your property?
– Do you have any mortgages or liens on the property and if so how much?
– Do you have an idea of your credit rating?
– Have you ever filed for bankruptcy or credit protection?
– Where do you work, how long have you worked there?
– Are you self-employed and what is your income?
– Do you have proof of income such as a “Notice of Assessment” from Revenue Canada?
– Are you going to live in the house or rent it out?
With this basic information a Woodbridge mortgage broker can tell you if you qualify for a mortgage and also give you a range for interest rates and any possible fees associated with obtaining a mortgage. Once the borrower has agreed to the initial terms of the loan the Woodbridge mortgage broker can arrange all the paper work required to complete the loan.
It is recommended that every client read and understand all the terms and conditions of the mortgage so that there is no confusion at a later date. Most first and second mortgages the terms are standard but there are points that could be negotiated such as: 3 month termination penalty, NSF charges, annual lump sum payments, pre-payment options. Your Woodbridge mortgage broker can advise you on which terms may open to negotiations that could save you money.
Remember our mortgage brokers Woodbridge will provide you with a free consultation that could save you time and money, so why not call today.