Why use a mortgage broker?

You should use a mortgage broker if you want to find access to home loans that aren’t typically advertised. If you don’t have amazing credit, if you have a unique borrowing situation like being a business owner or self-employed, or if you just aren’t seeing mortgages that will work for you, then a broker might be able to get you access to loans that will be beneficial to you. Many individuals prefer to work with a broker regardless of their situation because it gets them access to lenders they wouldn’t think to look for. Mortgage brokers may also be able to help their clients qualify for a lower interest rate.

Should I get pre-approved?

It is highly recommended that you get pre-approved before you start looking for a house. This will help you:

  • Find out the maximum house you can buy, so you don’t waste time looking for properties you do not afford.
  • Be in a stronger position when you are negotiating with the seller, because the seller knows that your loan is already approved.
  • Close more quickly, since your loan is already approved.

We keep the paperwork to a minimum and can issue a pre-approval letter within a day once the required information is provided.

What is a credit score?

Before lenders make the decision to lend you money, they want to know if you’re willing and able to pay back that loan. To assess how willing you are to repay, they use your credit score.
Fair Isaac and Company formulated the original FICO score to assess creditworthiness. Credit scoring was developed to assess willingness to repay the loan while specifically excluding other demographic factors. Your score is based on the good and the bad in your credit history.

To get a credit score, borrowers must have an active credit account with six months of payment history. This payment history ensures that there is sufficient information in your credit to calculate a score. Some folks don’t have a long enough credit history to get a credit score. They should spend some time building up a credit history before they apply.