Buying a home is one of the biggest purchases you can make–but you don’t have to do it alone. Working with a Mortgage Specialist is the easiest way to get an affordable rate and have someone walk you through what can otherwise be quite an overwhelming process. And getting started is as easy as having a conversation. Best case scenario, you find the right mortgage and build a relationship with that person. Worst case scenario, you walk away knowing a bit more about mortgages.
Creating a strategic plan for your mortgage is critical to your financial well-being. That strategy should include a budget to support that plan, the right mortgage at a competitive rate and the flexibility to reassess it if something changes. A quick conversation with the right person can help you with all of that.
Here are 4 reasons you should talk to a mortgage specialist when you’re in the market:
1. Needs assessment
Financial decisions should be specific to you, your income, your circumstances, your lifestyle, your goals—you get the point. It’s never a one-stop-shop. And all these pieces are important to contemplate when it’s time to sign those mortgage papers considering that this the biggest financial decision of your life.
An expert can help you assess your needs objectively.
For example, you might be convinced that you need a three-story, six-bedroom house, overlooking the water with a slide instead of stairs—easier on your knees in old age (some well thought out long-term planning on your end). But after some number crunching and realistic planning, you might only need a modest 2 bedroom condo.
And before you think that the expert is going to crush your dreams of owning a six-bedroom house, their advice could be the opposite. Maybe you can afford a bit more than you thought. You won’t know for sure unless you talk to someone.
2. Strategy and plan
Home-ownership is not just about buying a home, it’s about budgeting for your home. Creating a holistic—as well as realistic—plan is just as important as locking in a great interest rate.
Once you sign the papers, will you have enough left over to enjoy the lifestyle you want or will you be house poor? Working with an expert gives you an opportunity to be strategic about home-ownership and plan for the long term. They’ll create a personalized plan for the present and the future to make sure you find the right balance between your lifestyle and your financial well-being.
3. The right mortgage
Fixed-rate, variable rate, insured rate, special rate—irate. There is a lot of jargon crammed into mortgage descriptions. Not to mention all the terms, conditions, penalties and product features. Sure, a Google search can give you the right definitions but having someone who specializes in the product, available and ready to answer all your questions is invaluable.
Mortgage specialists will take time to explain all the inner details of the products available, like the special features, penalty clauses, limits or penalties on lump-sum payments. They’re there to help you to dig deep and figure out which mortgage is right for you.
4. On-going help
The relationship with your mortgage specialist doesn’t have to end once you sign on the dotted line. If you enjoyed working with this person, they can help you manage your mortgage over the long term. If you hit a financial hiccup or your priorities change, they’ll help you maintain your mortgage or find the wiggle room to ensure you have control over your finances—not the other way around.
Need a hand?
Book your 1-hour complimentary appointment with a Relationship Manager. You have nothing to lose and only knowledge to gain. Takes pressure off, doesn’t it? Let’s chat.