There are many advantages to this approach
There is a general misunderstanding that a mortgage broker is only needed once you have picked your home and need a loan. However, talking to a mortgage broker at the beginning of the home buying process has many advantages. By speaking to Paradigm Mortgage first, you engage with an ally that will put your interests first.
Clear advantages of talking to a mortgage broker at the beginning of the home buying process:
To be Pre-Qualified
When you Pre-Qualify you are saving yourself valuable time. This process will help you know the home price range that you should be considering. Once you know how much you qualify for, you can consider how much home you can actually afford. Talking to your mortgage broker about affordability will narrow the price range even further and help you make the right mortgage decision.
To be Pre-Approved
What is a Pre-Approval and do you need one?
A Pre-Approval letter can help you standout when you put an offer on your dream home. Your Pre-Approval makes a stronger case to the home seller and real estate agent. It lets the seller and their agent know that your credit report, your assets and income have been verified by Paradigm Mortgage. A seller who is in a hurry to sell might be more inclined to accept your offer, even if it is not the highest bid, because you have your Pre-Approval letter, which tells them that your mortgage loan is ready to go. A tip from your Mortgage Advocate: Be cautious not to make any changes to your financial circumstances while engaged in the home buying process as this may affect your Pre-Approval status.
The right mortgage broker can become a valuable asset
Your mortgage advocate will take the time to make sure you understand all the variables that may affect your monthly mortgage payments. This means that Paradigm Mortgage will review additional expenses that make up your monthly mortgage payments. When you understand how principal, interest, taxes and insurance (PITI) factor into your monthly payment you will be able to truly decide how much home you can afford.
You will also want to avoid surprises, or closing shocks, when it comes to “closing time.” Some of those surprises include unexpected closing costs. The right broker will look for ways to save you on your closing costs. Working with a mortgage broker has many advantages, some may have relationships which result in lower fees for you.
An extra tip:
Don’t forget about Home Owner Association Fees (HOA or Condo) . This is an additional expense that is not accounted for within your mortgage payment. These fees can vary and might be a significant additional monthly payment.
When you talk to Paradigm Mortgage at the start of the home buying process you can be sure that you have a “Mortgage Advocate.” Someone that will be looking out for your interests to make sure that you get your best mortgage.