Mortgage for Young Professionals in BC
Ahh, to be young again, especially if one is a “young professional”. There’s nary a better time in life than to be on the cusp of budding success in a field that you’re passionate about. Embrace it, and live in the now. That said, being a forward-thinker is what has made you a rising star in the first place. As such, you have real estate investment on the mind. While you may be an independent go-getter, it’s important to partner with a seasoned pro when it comes to getting a home loan. Below is a breakdown of why working with a mortgage broker will ensure success for your first real estate purchase.
Why Rising Young Executives Should Work with a Mortgage Broker to Buy Their First Home
Significantly Lower the Lifetime Cost of Home Ownership
There are two versions of your future as a homeowner. The one who doesn’t use a mortgage broker likely pays tens of thousands of dollars more for their home, by the time it has been paid-off in 10, 15, or 20 years from today. The other, enjoys a significantly lower lifetime cost of home ownership. Even just a 1% savings in rates can equate thousands of dollars.
How does a broker make this happen? For one, they can connect you to first-time buyer incentive programs that are made available to prospective homeowners such as yourself. These programs can lead to a notable reduction in your downpayment requirement, saving you thousands from the get-go. Moreover, a professional broker has longstanding relationships with BC’s big banks. These relationships afford the broker access to “bulk discounts” on mortgage rates. These unadvertised discounts are passed on to their clients, or in this case – you. With lower mortgage rates, you will enjoy lower monthly payments and/or get the mortgage paid off faster than otherwise.
No matter how you look at it, by partnering with a broker early in life, you will enjoy a significantly lower lifetime cost of home ownership.
Access to Alternative Financing Solutions
One of the biggest hurdles a young professional has in getting a mortgage, is a lack of credit history. Some banks will outright shy away. Our industry doesn’t think you should be punished for, well, being young. That’s why professional brokers have a proverbial rolodex of alternative private lenders who look at the “big picture” of you and an investment. They don’t obsess solely over credit history, and instead look towards other key financials – including assets and your potential as an earner. Unless you know a guy (who know a girl, who knows a guy) you will need a broker to connect you to these alternative financing partners.
To close this benefit of working with a mortgage broker, please enjoy (and share!) this meme:
Focus on Your Career While We Focus on Your Home Buying Needs
As a young professional, you’re laser-focused on your career. To take the foot off the gas for even a week can allow another to sneak in and steal the spotlight. But from the moment you begin the home-buying process, your time is consumed by paperwork and red tape. You must juggle calculations, pre-approvals, mortgage stress-tests, applications, negotiations, insurance, and much more. You’ll be bogged down in all of it, and your workplace performance may suffer accordingly. Nip this risk in the bud by securing the services of a mortgage broker. A broker will do all of the heavy lifting (and manage the irritating small duties) for you, while adhering to your stated wants, needs, and goals. A broker works for you, and you alone. This provides you with the time, and peace of mind, to focus on your career.