Is It Too Early To Start Talking To A Mortgage Broker?

Thinking about buying in the future? Wondering if it is too soon to start talking with a Mortgage Broker? ITS NOT!

Our Friends Over at Innovative Mortgage Solutions Will Tell You Why!

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“If you fail to plan, you plan to fail.”

This expression is particularly true within the mortgage industry, where home buyers often wait until

they are in the process of house hunting to explore their financing options. If you have just started to

think about purchasing a home, now is the absolute best time to speak with a Mortgage Broker even if

you have no plans to purchase any time soon. Speaking with a certified professional can help you avoid

running into some of the most common issues home buyers experience throughout the process.

1. Financing Qualification

Meeting with a Mortgage Broker in advance can allow you to identify any potential issues that could

disqualify you from mortgage financing down the road. With plenty of time to correct them, you can

avoid scrambling to meet requirements last minute or losing out on your dream home because of

unforeseen obstacles.

Consider the following client story:

Two long-time Innovative clients reached out to us for advice approximately a year before they wanted

to purchase a new home. Upon pulling their credit bureau during our initial meeting, we discovered an

issue that turned out to be the result of some poor financial advice they had recently received. The

nature of the problem was such that it would take a significant amount of time to reverse – had they

been applying for mortgage financing immediately, they would have been denied. We helped them set a

plan in motion that would correct the issue, and one year later they had no issues securing the financing

when they needed it.

2. Unrealistic Expectations

Entering into the home buying process with unrealistic expectations about what you can afford is a sure

fire way to end up disappointed when your actual price range ends up being a little lower than

expected. Online mortgage affordability calculators are a great way to get general information using

your income and debt details, but they should be taken with a grain of salt; your financial background

and credit history need to be fully evaluated to give you more accurate details about what you will

qualify for. A Broker can help you enter the home buying process with confidence by obtaining that

information with some preliminary documentation they can submit to a lender on your behalf.

3. Interest Rates

Sometimes, home buyers are at the mercy of the current housing market when they are shopping for a

mortgage. But if rates are expected to increase within your purchasing time frame, a mortgage pre-

approval can help you secure a great rate now for your purchase down the road. Talking to a Broker

ahead of time can secure that great rate for you for up to 120 days, which differs from the typical 90 day

rate provided by traditional banks. If interest rates drop during that 120 day period, your rate is

generally brought down to the lower rate automatically. If your pre-approval expires and rates have

gone up, Brokers also sometimes have the ability to “look back” on rates, meaning that they can extend

the initial lower rate to its expiry date, instead of the expiry date of your pre-approval.

Whatever your current situation may be, buying a home is an exciting an overwhelming process that

takes a lot of planning to prepare for. Talk to one of the certified Mortgage Brokers at Innovative

Mortgage Solutions today to get a head start on owning your dream home tomorrow.

For More Information, contact our friends over at Innovative Mortgage Solutions!

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