• mortgage process8 Fool-Proof Steps to Guarantee a Happy Mortgage Process

    By: Robert Floris, Lead Mortgage Broker at Mortgage Architects
    Guiding Clients with 30 Years of Mortgage Advice

    They say buying your first home is the biggest business decision that the average Canadian ever makes. It is.

    Your home is your dream, your beginnings, your roots. However, not much time is given to the mortgage process. The management of your biggest investment is not given on much though, yet it is money which causes the most amount of monetary stress. Our goal is to coach Canadians on how to think and impress upon them that owning a home can be not only physically comforting but financially comforting as well.

    How to Ensure Mortgage Happiness with These Steps

    1. Mortgage Schooling

    As mentioned above, you are buying your biggest investment. Are you really going into the mortgage process blind? No! Start learning the basic financing lingo in familiarizing yourself with mortgage terms. How?

    • Google: An Excellent way to type mortgage terms and find definitions
    • Ask your family and friends
    • Go to the library
    • Go to your local financial institution and ask for reading material

    2. Where to Get a Mortgage

    Now that you have acquired a knowledge of mortgage terms, then you must choose who will assist you in the mortgage process. Needless to say, you will have many choices between Canadian banks, credit unions or choosing a mortgage broker. Whatever you choose, these character traits must include the human being who is:

    • Patient and comforting
    • Willing to teach and evaluate your personal mortgage process
    • Available at all homes
    • Keep in touch
    • Has many mortgage programs and mortgage rate options

    3. Exploration of your Unique Situation

    Okay, you have found a person you can trust begin to explore your journey. This is a discovery stage on both sides to ensure there is a match. Here is where the client explains their unique situation. Is there a natural chemistry, does the lender or broker have experience and credibility to assist your personal mortgage needs? The last consideration is should you interview more than one mortgage expert to receive a second opinion.

    4. Analysis and Selection of Mortgage Specialist

    This appears self-evident on the surface, but your mortgage selection and mortgage choice is vitally important. This selection ensures who you will require to assist you in your biggest home-buying journey.

    5. Begin the Pre-Approval Mortgage Process

    You have selected your mortgage representative, now the actual application begins to discover your unique situation. A thorough analysis will begin with:

    • A credit check
    • Income documents provided upfront for review
    • Down payment proof

    The mortgage expert should be able to provide your maximum mortgage amount and also to guarantee rates for up to 120 days on a fixed product. They should also advise the client to condition the mortgage for financing. The potential buyer can then decide if the amount of pre-approval meets their needs in terms of the style and quality home they are seeking. Does it meet their individual or family budgets? Potential purchasers of homes can also check out these great Canadian mortgage sites to discover how other fellow citizens are enjoying home ownership.

    6. Finding your Dream Home

    All this pre-approval is really about is finding your desired property. You may want to consider a similar analysis of your realtor as you did when looking for a mortgage. Always remember when entering an offer to condition it properly with conditions such as financing and inspection. It protects the clients and has become invaluable in existing contracts legally.

    7. Getting a Mortgage

    The mortgage advisor upon receiving the conditional purchase and sale agreement should discuss and review the client’s needs. Topics of mortgage conversation will include total down payment, amortization, mortgage product, and renovations. Although it was discussed in stage 5, clients change their minds just as their circumstances change. The mortgage advisor and client’s needs require to be on the same page.

    8. Lifetime Mortgage Education

    A client’s job is never finished once they move in. As their careers and income flourish, they should never stop monitoring that their financial needs mesh to their goals. A strong mortgage advisor will continue to communicate after the purchase in order to advise the latest mortgage trends to help for a better life.

    Final Thoughts…

    Knowledge is power and this certainly applies to seeking your property. Mortgage education can be intimidating but it really is not that hard to learn. I can promise you it will prevent the home buyer from major headaches and major dollars. As a mortgage consumer, ask questions, learn and you can thank me later.

    Robert Floris has been in the mortgage industry for 30 years, including working as a Sales Manager for a major chartered Canadian bank. Over his career, he has personally lent over 1 billion dollars in funded mortgages and proudly continues to advise and tutor his valuable clients.

    Robert Floris is a Mortgage Broker. His office is located at 651 Fennell Avenue East in Hamilton, Ontario. If you would like to speak with Robert, he can be reached at 905-574-9200 #215. Alternatively, you can contact Robert here.

    If you would like to apply for a mortgage online, please follow this link.

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