Whether buying or selling, we encourage you to have a relationship with a mortgage broker before the process starts.
As BUYERS, you want someone who's a full-time mortgage broker. The industry changes so fast and the policies/guidelines for the dozens of lenders in Canada are so fluid that you need someone who keeps up on the changes. You also want someone who has strong personal connections with multiple lenders so that they have places to take your file if things get challenging. It makes an enormous difference in terms of how quick an approval happens, preferential treatment with rates that you're offered, and sometimes whether or not your file will even be looked at (depending on your situation) by some lenders. Get connected with the right mortgage broker before you even start viewing homes! They'll help you to get organized and they'll inform you on how to prepare ahead of time so that when you find the right place and are facing some tight timeframes, you're positioned to come out on top.
As SELLERS, most people don't realize that speaking with a mortgage broker at the beginning of the process can be a really helpful thing. The reason for this is simple: most people base their decisions to sell around the idea of what they're planning on moving to. By getting guidance on your payout penalties, portability of your mortgage, possibilities of blended rates, or even just finding out what exactly you can get approved for (if upsizing), it's all helpful information.
If you have any questions or you need to get in touch with a good mortgage broker, give us a call!