Why a Mortgage Broker is Like Santa Claus
Whether your household calls him Santa Claus, Father Christmas, Père Noël, Babbo Natale, Saint Nicholas, or Kris Kringle, there’s another name you may not have considered – your friendly local mortgage broker.
Oh boy, have we crossed the line with this comparison? While we may be taking some dramatic license and adding a little levity, the resemblance isn’t as far fetched as you think, at least not when you’re on the market for your very first home. Let’s unwrap it and see.
3 Reasons Why a Mortgage Broker is a Lot Like Santa Claus for First-Time Home Buyers
He/She Knows if You’ve Been Bad or Good (credit history)
Your mortgage broker has checked his/her list twice and knows if you’ve been naughty or nice, as far as your credit history is concerned. If you’ve done a good job in building a great credit score your broker will ensure that you get the best possible terms on your mortgage. That’s a given, but what about those on the other side of the coin? Don’t worry if you have not established a great (or limited) credit history. A mortgage broker won’t put a lump of coal in your stocking. Instead, they will help you get out of the hole with debt consolidation services. In addition, a professional broker can help you access other funding resources, from alternative private lenders who don’t solely look at credit history. A mortgage brokers ensures that you’re rewarded for the good you’ve done with respect to financials, and will help those who have struggled. If that’s not the spirit of the season, we don’t know what is!
Will Make Your Sugar Plum Visions of a Dream Home Come True
New buyers often think of real estate agents as being the key to opening the door to their dream home, but it actually begins with a mortgage broker. Finding the home that you and/or your family has always dreamed about can only occur with greater buying power. A mortgage broker can increase your buying power significantly. How?
Based on your own initial calculations of household income, savings, and credit rating you may have assumed that you can only afford a home in a certain price range. When lower than hoped for, the range of listings to consider becomes leaner. However, when you connect to a mortgage broker, you will very likely find that you can afford more than you anticipated, and without taking on significantly greater risk. This is made possible via the provision of access to first time buyer incentive programs that may effectively reduce your downpayment requirements. Your well-connected broker can also introduce you to alternative lenders (if needed). More importantly, a reputable broker will get you access to lower unadvertised rates, which can lower your monthly payment requirement. Any of the scenarios listed above will allow your household to afford a home in a higher price range. With this enhanced purchasing power, you will have a greater number of listings to choose from. You can pluck those sugar plums from your dreams and make them a reality when you put our faith in a broker!
Will Actually Make the Home Buying Process FUN
Santa Claus is one figure that makes the Holiday season so much fun. His jolly belly, rosy cheeks, bright red and white attire, and hearty “Ho Ho Ho” brings out the child in all of us. And while your broker may have to pack on a few more pounds to match Santa’s literal vibe, he/she brings the festive spirit to the home buying experience.
Without a broker, the mortgage process is stressful and anxiety-inducing. Dealing with the banks on your own is an experience similar to visiting Ebenezer Scrooge in his office and asking for money. Correction, it’s exactly like that! The other parts of the process, such as securing insurance and sifting through mounds of paperwork and more is a bore at best. But when you partner with a mortgage broker, the stress falls away. He/she will manage negotiations and cut all of the red tape for you. All that’s left for you to focus on, is unwrapping your dream home.
If buying a home in the BC Southern Interior, send your wish lists to Carloni Mortgage Brokers in Penticton BC.
Disclaimer: For legal reasons you are not permitted to sit on the lap of anyone in the offices of Carloni Mortgage Brokers. That said, you can tell us what you want over Gingerbread Lattes at the nearest cafe!