Purchasing your first property can be a fantastic experience if you manage to land your perfect home. However, if you need to secure a mortgage to fund that dream, you may have tons of questions about the application process but may find it tricky to get all the answers that you’re seeking.
You can turn your dream of homeownership into reality with the help of a mortgage. However, the ever-changing dynamics of the mortgage market can make the mortgage process seem like an uphill task. While you may find securing a successful application the first time around challenging, working with a mortgage professional can take some weight off your shoulders and make the process a lot easier.
A mortgage broker’s job is to make the mortgage process easier for you by assessing your circumstances thoroughly and then placing you with a lender that fits your circumstances. They have numerous connections and experience to give you valuable advice on the best way to handle your situation. If you have ever tried to buy or sell property on your own, you know how difficult it can get. There are new rules and regulations being enforced by the government regularly, and keeping up with it can be hard. A lot of information goes around and you might find yourself receiving harmful information via untrustworthy sources and might end up making mistakes that could end up costing you a lot of your time and money.
Due to the COVID-19 pandemic, many businesses have been affected, which has caused mass unemployment. The loss of jobs will directly impact the real estate industry, so the Canada Mortgage and Housing Corporation (CMHC) has introduced new lending standards to protect stakeholders.
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.