The programs offered by mortgage lenders have grown considerably over the last number of years as each home mortgage provider tries to crave out a different slice of the market through offering mortgages that meet different situations and needs.
The good news is that there has never been as many options or choices available to the consumer. Whether you’re looking to purchase a home, refinance an existing home mortgage, consolidate debt, or built a new home from scratch, there are mortgage programs designed for your needs and requirements.
The challenge comes in figuring out which programs are best suited for your needs at any given point in time. Many of the home mortgage programs out there can be applied to several different types of applications where the rates and terms will be more suited to certain situations than to others.
But as a consumer standing on the street corner or surfing the web, it can be extremely difficult at times to understand what advertised programs will provide the best value.
And then there are the unadvertised programs. Not all mortgage providers have the big promotional budgets of the major banks and trust companies and tend to work more through the mortgage broker network to access the market.
Without working with a mortgage broker, many consumers are completely unaware that many of these residential mortgage programs even exist.
Another challenge is trying to get the best rate where there can be significant differences between what a residential mortgage lender will post with respect to rates and what they are actually prepared to offer you to get you business.
Timing is another issue to consider in that many times, especially with conditional home purchases, there is only a short period of time available to get financing in place before an accepted offer will lapse and put the property back on the market.
While home mortgage financing is a very common type of financial transaction, the process can encounter snags that may delay getting an approval in place and the home mortgage funded on time.
Just like any other business, the mortgage business involves lots of different people, personalities, and processes. Successfully navigating through all the different options and getting the best deal in place in the time you have to work with is not as easy as some people may think.
As residential mortgage brokers, even though we are somewhat biased in our opinions and convictions, we strongly believe that an experienced mortgage broker can provide more value now than ever before due to all the stuff you have to potentially wade through and understand to get the right mortgage in place.
Let’s face it.
For many of us, a home mortgage may be the single biggest financial decision we will ever have to deal with. And if its not the biggest, its still likely going to be significant in the big scheme of things.
Further, any home mortgage that you commit to can potentially be in place for several decades making the ongoing management and decision making related to interest rates and repayment terms a key element in managing personal cash flow and wealth building.
That’s why we take a very hands on and personable approach with our clients.
While there may be cases where you can fill out an online form and have a computer spit back the best deal available to you, the reality is that most situations require a certain amount of customization which requires human interaction and someone on the other side of the table from you listening to what you’re looking for and developing an accurate understanding of what your financial profile will allow you to secure in the way of a residential home mortgage.
In order to get the right fit between borrower and lender, it is important to be able to quickly understand what home mortgage programs are best suited to your situation and requirements and then zero in on the lending targets so no time is wasted in the process.
And if you have a slightly or highly challenging situation, we welcome the opportunity to discuss that as well.
Even if you can’t qualify for a mortgage that fits your requirements today, we can still outline what it will take to get there and work with you to achieve your goals over time.
If you need assistance with a residential home mortgage related to purchase, refinance, construction, consolidation, or any other purpose, we recommend that you give us a call so we can quickly provide you with a free assessment of your mortgage options and answer any questions you may have right away.