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Three ways a mortgage broker can help first-time home buyers

While entering the housing market as a first-time home buyer is exciting, it can also feel overwhelming.

And a big reason many first-time home buyers feel intimated is a lack of awareness around the mortgage process, says Barry Baboolal, a mortgage broker at Dominion Lending Centres.

“Education on the mortgage process is very important,” says Baboolal. “Unfortunately, many first-time home buyers are not aware of how the mortgage application process works.”

The good news is that first-time home buyers can easily overcome this hurdle and approach the housing market with confidence by working with a mortgage broker.

What is a mortgage broker?

While real estate agents can help you find a home, mortgage brokers are licensed professionals that can help you find the financing to purchase that home.

A skilled broker will also understand your needs as a first-time home buyer and can leverage their close relationships with a range of lenders to find the best solution around your unique financial situation.

“We are able to give you multiple options,” says Anton Farrage, a mortgage agent at Sherwood Mortgage Group. “You will definitely find the best product working with a broker.”

Below, we look at three ways a mortgage broker can help first-time home buyers navigate the housing market.

1. A broker can help first-time home buyers understand the mortgage application process.

Experienced mortgage brokers are familiar with the ins and outs of the mortgage landscape, so are in the best position to answer all your questions and act as a trusted guide on the application process.

“As mortgage brokers, we are experienced with the home buying process and can explain, step-by-step, how the process works and other important details that go into becoming a homeowner,” says Baboolal. “With proper information, advice and guidance, the home buying process can be a smooth and stress-free process.”

2. A broker can identify first-time home buyer programs you may qualify for.

Skilled mortgage brokers can review with you government incentives and tax rebates that can help make buying your first home more affordable.

For instance, Farrage says that many first-time home buyers could qualify for the federal First-Time Home Buyers Initiative, where the Canadian government “will kick in 5% or 10% to assist with down payment.”

Meanwhile, Baboolal says that “provincial land transfer tax rebates and the federal Home Buyers Plan can also help.”

3. A broker can tell you what you need as a first-time home buyer.

Mortgage brokers can help you identify the key items that are important considerations as a first-time home buyer.

According to Baboolal, this includes the “down payment and closing costs, your income information and your credit worthiness.”

“Mortgage brokers can help you identify important elements of your mortgage application, such as what requirements are needed, where the down payment can be sourced and other income requirements,” says Baboolal. “With knowledge of the basic requirements, first-time home buyers can start putting themselves in a better position to get approved for a mortgage.”

As a first-time home buyer, saying “yes” to working with a skilled mortgage broker is an important first step in your homeownership journey. And at Home Trust, we partner with trusted brokers who work to understand your unique needs. Learn more about what else is possible when you say “yes” with our interactive road map.

The information, materials and opinions contained in this Blog are provided for our information only. This Blog does not constitute legal, financial or other professional advice and you should not rely on it as an alternative to specific advice based on your particular circumstance. This Blog contains links to third party websites. These links are provided for information and convenience; Home Trust does not endorse the content of any third party website, and it makes no representation or warranty as to the information on such third party sites. By clicking on any link to a third party site, you leave Home Trust’s website and do so at your own risk. Home Trust disclaims all liability for any damage or loss that results from your access to or reliance on information contained in this Blog or any third party site.

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