A first time home buyer can benefit from the experience of a local mortgage broker who knows about the first time home buying process and lenders that accomodate that.
A first time home buyer has so much on their mind. If the home is new, they need to monitor the construction and select all of the options from tile, wood flooring, bath fixtures and accessories as well as layout customization and upgrades. The combination of new home construction and first time home buying can be daunting.
Other times, a first time home buyer is buying a condo or townhouse and wants to benefit from home ownership. There are some pitfalls to the mortgage and borrowing process that need to be avoided, as every 1/4 point in additional interest may translate into thousands of dollars over the life of the loan.
Why just hand over your hard earned money to banks when a mortage broker can help you more thoroughly investigate the borrowing options across multiple lenders at no cost to the borrower without needing multiple applications completed. Only one credit report is pulled, but the borrower has the benefit of knowing their loan is being shopped across many lenders that compete for their business.
This is the way to obtain the best rates and also best terms for your particular situation and needs.
If you are buying a home for the first time in Ontario, Canada, call Lee Anne Taylor of Home Loans Ontario, Burlington – a Dominion Lending Centres mortgage agent.