Is it time for you to contact a mortgage broker? Brokers can be an essential part of your mortgage experience, but you might not be sure if the time is right for you to get in touch. If you have questions about knowing when to reach out, read on. In this post, we discuss five common signs it’s time to contact a broker about your mortgage needs. Whether you’re preparing to buy a home, or you’re dealing with an existing mortgage, we’re here to help!
#1 You think you want to buy a home
This is the most obvious reason people think about approaching a mortgage broker. For people who are considering purchasing a home, a mortgage broker is certainly a good place to start. Entering the housing market, especially for the first time, can be stressful. Often, new buyers feel a bit confused about where to start, or if they’re even ready to embark on this journey. It’s great to ask friends and family for advice, but what worked for them won’t necessarily work for you, so having a professional on your side is an important addition. Contact a mortgage broker if you’re having thoughts about buying a home, but need guidance on things like your purchasing power or your budget. Brokers can help you determine if you’re in a good place to start house hunting, or if you need to brush up on some things like your credit score or debts.
#2 You want to secure a pre-qualification
When you are certain that you do, in fact, want to buy a home, one of the next steps will be securing a pre-qualification. A pre-qualification provides you with an estimate of the mortgage amount you might be able to secure when you need your mortgage approval. It’s based on your current financial situation, and brokers take your income, debts, credit, and expenses into account to calculate your pre-qualification amount. If you maintain your situation, your pre-qualification can be a good indicator of the mortgage you may achieve. It also puts you into contact with lender options early in the process, which is helpful for when you need your mortgage approval later on. If you contact a mortgage broker, you can get going on your pre-qualification process. Brokers can connect you with potential lenders to get the ball rolling, which is super handy!
#3 You have questions about your mortgage
If you have an existing mortgage, you might reach a point where you start to wonder if it’s still working for you. As our lives change, our mortgage needs will evolve too, so the product you secured five years ago might not fit your life as well today. A mortgage broker is a good person to contact if you find yourself in this situation. Your mortgage should always be working for you, and if you suspect it’s not, contact a mortgage broker to discuss your options! It might be time to refinance, for example, and find a different product, mortgage type, or rate. In today’s environment of changing interest rates, it’s possible there might be another option out there for you to suit your needs better, but using a mortgage professional to guide you is the best way to know for sure.
#4 You have questions about your lender
Part of the reason your mortgage might not feel quite right anymore could be because your lender is no longer a perfect match. There are lots of lenders out there, so it makes sense if eventually you find your mortgage needs don’t match with the lender you locked in with several years ago. Maybe you secured your mortgage through your local bank, for instance, and now you’re wondering if there is a better choice for you. You can contact a mortgage broker to access their lender connections. Brokers can find a lender who would suit your mortgage situation best, and if it makes financial sense to do so, help you secure an appropriate product. Having a broker on your side for this process ensures you have a third party between you and potential lenders, who is working for your best interests.
#5 Your renewal is approaching
Finally, it’s a smart move to get in touch with a broker when your mortgage is coming up for renewal. It’s common to automatically assume you should renew with your current lender, and that may be the case, but it’s wise to get in touch with a broker before you commit to a new term. Like we mentioned above, there are times when our current lenders don’t work very well for us anymore. A renewal just provides you with a perfect time to see if this is the case for you. You may find you don’t end up changing anything, and you commit to your current lender once again, but you can have peace of mind that you explored all your options.
Mortgage brokers do so much more than help you buy a home (but we love doing that too!). We are your connection to the best lenders and products in the industry, and we represent your best interests. When you contact a mortgage broker, you can be sure you’re getting the best service and guidance when it comes to your mortgage needs.
If you have any questions about your mortgage, get in touch with me!