Common Mistakes People Make When Looking For A Mortgage
For most people, their dream of homeownership can only be materialized by acquiring a mortgage. However, with so many options, finding the right source of finance can be a challenging process. The ever-changing dynamics of the mortgage market can further complicate the mortgage process. Moreover, making even the smallest of errors when looking for a mortgage could sabotage your chances of obtaining mortgage product you are looking for. Thorough research can help you steer clear of these pitfalls that could otherwise cost you thousands of dollars. To help you avoid such situations and get the best mortgage solution, Pash Financial / Mortgage Architects has compiled a list of the two most common mistakes people make when looking for a mortgage.
1. Approaching different lenders at the same time.
The most common mistake customers make when they shop around for the best rate is approaching different lenders at the same time. If multiple lenders pulled your credit, your credit score and FICO score will go down. This could adversely affect your deal with the lending parties.
2. Working with a mortgage professional that has access to a few lenders.
If you work with a mortgage agent that works with a few lending parties, you won’t have many options to choose from. You can avoid this mistake by going through a mortgage professional that has access to over fifty lenders, including banks. This will provide you with a wide range of mortgage solutions and will give you a chance to select a deal that suits your situation the best. Moreover, as it is a one-stop shopping process, your credit will be hit only once and then the deal will be sent to multiple lenders if required.
If you want to avoid these and other mistakes related to mortgages, reach out to the experts at Pash Financial / Mortgage Architects. As a team of experienced FSCO licensed mortgage professionals, we can give you the customized mortgage solutions and the best rates based on your situation. We will also guide you through the entire mortgage process, from pre-approval to closing of the deal. Our commitment, along with our integrity, allows us to deliver value to our mortgage clients. We offer residential and commercial mortgage services to clients across Toronto, Mississauga, Vaughan, Markham, Scarborough, Brampton, Caledon, Ajax, Oshawa, Milton, Oakville, Burlington, GTA, and the surrounding areas.
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