First time home buyers have two choices when it comes to applying for a mortgage. You can approach a financial institution yourself or contact a mortgage broker to help you find a home loan. The downside of going directly to the lender is the representative will only be able to offer you a mortgage product from that lender’s particular suite of products.
The benefit of working with a mortgage broker is that they have relationships with several different lending institutions and can help you find which lender has a mortgage that is best suited to your needs. In addition, the mortgage broker can help you prepare your documents and guide you through your home buying process ensuring greater chances of success. Mortgage brokers are paid a commission from the lender for introducing you as a client, so their service to you is free. (Article Top 10 reasons to work with us)
Regardless of whether you choose to go direct to a lender or use a mortgage broker, you will need to determine what kind of mortgage best suits your borrowing style. We will walk you through the options to help you choose the type of mortgage best suited to you.