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Are you planning to meet with a Mississauga mortgage broker?  Contacting a qualified, independent mortgage broker is a key step to obtaining the right financing options for your circumstances.  You may be:

 

      - seeking a mortgage pre-approval before you go house hunting

      - renewing the mortgage on an existing property

      - refinancing the equity of an existing property

      - seeking a second mortgage or a home equity line of credit

      - purchasing a new home in Mississauga

      - purchasing a commercial property in Mississauga

      - a first time home buyer in Mississauga

 

The Region of Peel in general, and Mississauga in particular, is home to many highly qualified mortgage professionals who will be glad to help you.  But to do the job right there is basic information that a broker will need to know about your circumstances.  Being prepared will help you get the best deal and frankly, not being prepared for a meeting is a waste of everyone’s time.

Prepare a List of Questions for Your Mortgage Broker Before You Visit

It doesn't matter if you plan to visit a mortgage broker in Mississauga, Brampton, Caledon - or any city for that matter - you should have a plan that includes questions that you want answers to. What do you want to know about fees, time-lines and the in's and outs of the mortgage approval process? 

 

The broker is going to ask you for documents that will validate your income, credit worthiness and your current debt obligations for example.  Current pay stubs, recent income tax assessments, a statement of assets and liabilities and other financial obligations will be discussed.  Make sure to write down what you would like to know too.  Make a list in advance of your appointment so that you don't forget to ask once the meeting starts.

 

 

The more well prepared that you are for this meeting, then the better the possible solution that your mortgage broker will be able to present you with. You'll want to make sure that your information is current, complete and accurate.  As you can imagine, there is certain information concerning your circumstances that is critical to the mortgage financing process.

Knowing all relevant information up front will help determine the correct lending solution that your broker will want to pursue if you decide to proceed with an application.  Get all the surprises out on the table during this meeting because the mortgage broker is part of your team. 

 

This will help ensure that you get the best rate and terms for your new mortgage.  Being matched to the right lender and the right mortgage product will ensure that you qualify for financing and in the process, save you thousands of dollars over the term of your mortgage.

Your Mortgage Approval Team

In fact, depending on what type of financing you're after, you may also need several other so-called "team members" to complete the mortgage approval process.  Other team members can include a real estate agent, a home inspection service, a real estate lawyer and an insurance broker.  Your mortgage broker will coordinate with these other team members as necessary.

The main role of a mortgage broker in Mississauga - or in any other region - is to help find you the lending institution that is the most competitive and suitable for your individual situation.  In most cases a mortgage broker is independent and able to deal with multiple lenders.  It's more likely that they actually place the majority of their mortgage business in the hands of a few select lenders.  The volume of business that a broker does with any given lender can give them some leverage towards negotiating a favorable financing decision on your behalf.

If your credit worthiness is quite strong for example, then your broker may be able to secure rates for you that are lower than any posted or publicly advertised rates offered by a given lender. Similarly, if you are self-employed, have poor credit, are a first-time home buyer or have other circumstances that are less than standard, then your mortgage broker will also understand the best approach and options towards getting you a mortgage approval.

Items to Have Prepared Before Meeting With Your Mortgage Broker

      - your personal information, including identification such as your driver's license or passport:

      - employment verification and confirmation of income - ie letter of employment and/or current pay stub

      - current income tax assessments from the CRA

      - information and details on all bank accounts, loans, credit cards and other debts

      - proof of financial assets

      - source and amount of down payment and deposit

      - proof of source of funds for the closing costs (may range from 1.5% to 4% of the purchase price)

 

Mississauga is home to a very large number of commercial and residential properties and contacting an independent Mississauga mortgage broker can help you get the best financing terms for your investment.  Get prepared and good luck!