Why Attempting DIY Mortgage Solutions Is A Bad Idea
DIY or do-it-yourself activities are a great test of creativity and an excellent opportunity to overcome economic constraints. They can also be a therapeutic or fun, leisure activity. However, as the DIY craze catches on and with more information about different tasks and jobs readily available on the internet, many believe almost any project can be completed swiftly and economically as a DIY, even applying for a mortgage.
Suppose you are planning on buying a home, refinancing your mortgage, or even looking for a renovation mortgage. In that case, you have a lot to consider before applying for the mortgage and signing on the dotted line. To give you an idea of how bad things could get for you on your own, mortgage agent Gary Corriveau has explained why attempting DIY mortgage solutions is a bad idea.
1. Reduced lending options
For most homeowners, buying or refinancing their home is by far the largest financial commitment and choosing the right mortgage is a critical factor in determining long-term savings. One of the most significant advantages of having an independent mortgage broker on your side is the access they have to multiple lenders and various mortgage products. Attempting to get a mortgage on your own leaves you with fewer options.
2. Risk of higher interest cost
People think mortgage planning is all about getting the lowest interest rate. While this is an essential factor, getting a mortgage with the right terms and conditions can save you thousands of dollars. A mortgage broker has access to many lenders in the marketplace.
As a result, they are offered mortgages on a wholesale basis in terms of carrying cost and the cost associated with getting out of your mortgage.
3. Lower chance of getting approved for a mortgage
In today’s climate with increased restrictions for borrowing, many clients are unable to get approved through their bank. The banks are known for their conservative lending policies. A mortgage broker has access to traditional A lenders such as banks, credit unions, and mortgage lenders however, they also have access to less traditional lenders such as B lenders and private lenders.
Do things right - Hire a professional
Seeking a mortgage agent’s professional services comes with quite a few hard-to-beat advantages. Mortgage agents are knowledgeable, experienced, and are licensed specialists. They can provide mortgage advice taking into consideration important factors such as interest rate, payment privileges, payment penalties, long-term savings, and much more to find you a mortgage solution that fits you both today and into the future.
Deciding to utilize a mortgage professional can save you time, money, and provide peace of mind with the knowledge that you have the right mortgage designed for you.
If you are concerned about affording the services of a mortgage agent, I have great news for you. While mortgage agents work for their clients, their services come at no cost as we are paid by the financial institution that funds your mortgage.
For a reliable mortgage agent based in London and Windsor, Ontario, reach out to Gary Corriveau. I have many years of professional experience in the financial services industry and we offer a one-stop solution for all of your mortgage needs with access to over fifty lenders, including banks, credit unions, and mortgage lending companies.
In addition, I am a Certified Financial Planner and a Life Insurance Broker with an extensive background in creating wealth and managing risk. To learn more about our services, please click here. If you need any advice or assistance, I would be happy to answer any questions for you. To contact me, please click here.