Don’t just shop for a mortgage rate!  There are so many things that matter other than just rates! 

Choose a mortgage broker at either Invis or Mortgage Intelligence to offer you much more such as:

·      A mortgage broker is your guide to financial literary and has a legal obligation to explain the financial product(s) that is best for you while seeking the lowest mortgage rate based on your credit history, length of mortgage term, type of lender, interest rate type, how much is being paid for down payment, home location and many other factors.

·      Is there a chance you’ll break your mortgage?  A mortgage broker will explain the differences in financial penalties between fixed and variable product.

·       A mortgage broker will educate you as why late payments and too much debt utilization on credit cards and other lines of credit hurts your credit score and ultimately the rate you will receive when applying for your mortgage

·      A mortgage broker will review with you your budget or institute a budget process with you to ensure that once you purchase the home you can afford to stay in it

·      A mortgage broker will select a mortgage product and perhaps other products that fit your unique financial situation from a diverse pool of lenders available.  The term and type of mortgage whether fixed or variable, amortization periods (the length of time to pay off the mortgage in full) and payment frequency will also be explained and customized to your specific situation by the mortgage broker.

·      Is paying off your mortgage early a goal of yours? A mortgage broker will assist you in selecting a mortgage product with prepayment privileges.

·      Is the low-rate mortgage you saw advertised a limited feature mortgage? A limited feature mortgage may appear on the surface to come with the lowest rate but limitations such as not being able to refinance or being forced to pay a higher mortgage penalty if you break your mortgage during the term could be present.  Have a mortgage broker advise you.

·      Does the low-rate mortgage you saw advertised come with a standard or collateral charge? Most of the time you’ll want one with a standard charge – a mortgage broker will explain the difference.

·      A mortgage broker will refer you to other qualified professionals such as a real estate lawyer or financial planner to save you time, money and aggravation

·      A mortgage will look at your whole financial picture and assist you in debt consolidation to reduce the amount of interest you pay.  They will also seek to ensure you are not exposed to risks of over-borrowing, debt persistence and uninformed decision-making and wealth erosion.

·      A mortgage broker can offer you creditor insurance to pay off the mortgage in case of death, critical illness or disability and can refer you to home and auto insurance at discounted rates.  A mortgage broker will also suggest and explain why it is good practice to purchase title insurance which protects you and your lender against losses related to the property’s title or ownership.

·      A mortgage broker will provide advice whether to invest now or pay down debt.  They will review with you these strategies as much depends on individual circumstances.

·      A mortgage broker will advise you to have an up to date will so that efficient wealth transfer can occur upon death.

·      Using a mortgage broker should not cost you anything unless placed with a private lender.

After reading the above you should be asking yourself: I need help choosing the best mortgage for my real estate transaction as the mortgage selection and other considerations are complex. Reach out to our offices today for some assistance – remember its free.

Cameron Strong,

CEO, Invis.

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