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Types of Mortgage Lenders in Vaughan

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Every day, new people are becoming homeowners in the GTA. When searching for mortgage lenders, Vaughan residents know that they need to choose someone that they can trust. Most people don’t know the difference between finding a mortgage broker and going to their local bank loan officer. It is important for prospective homeowners to do their homework on lending companies, mortgage terms, and interest rates. Lenders determine whether or not a person is worthy of credit by gauging the likelihood for the loan to be repaid in full and on time. They do this by pulling your credit report, or a brief snapshot of your financial history. This report gives them an indication on how you pay your bills and the available amount of credit under your name, amongst other things. Your credit report is translated into a simple three-digit number, called your credit score, which signifies what type of financial standing you are in. Lenders use this credit score to assess the risk involved on their end of the transaction. The higher one’s credit score, the better their credit and the more likely they are to get approved. Low credit scores represent higher risk clients, and higher risk could mean higher interest rates, different mortgage terms, or simply not getting approved by your bank or financial institution.

Mortgage Brokers

It is important to develop a relationship with a mortgage broker that you can trust. A good mortgage broker will help save you time and energy, working to secure a mortgage for you. If you are securing a mortgage for the first time, the process can be confusing and having a mortgage broker on your side can help ease your anxiety and make the process run smoothly. Mortgage brokers sometimes work flexible hours and offer the expertise necessary for first time homeowners to feel comfortable undergoing such a significant investment. A mortgage broker starts by reviewing your financial situation, discussing your future plans and risk tolerance, to ensure that they find the right type of mortgage for you. They will then pull your credit history and market you to prospective lenders (major banks, credit unions, and private lenders), so that you can get the financing that best suits your current financial standing. A good mortgage broker will help homeowners determine the maximum amount for payments that they can afford and what their potential bi-weekly or monthly instalments will look like.

Bank Loan Officer

The loan officer at your local bank or credit union can also help to sell and process mortgages and other loans originated by their employer. The main difference between a mortgage broker and a loan officer is that all of the financing solutions that the bank loan officer has to offer are those created by their lending institution. The loan officer is only available during banking hours. If your personal credit is approved, the loan officer will process your application and try to find a home loan that best suits your needs. For those that have developed a strong relationship with their bank, this can be a comfortable option, but expect to pay slightly higher rates.
When searching for mortgage lenders in Vaughan, it is important to choose the right lender for you. Contacting a mortgage specialist can be the first step towards owning your own home. A mortgage specialist will review your current financial standing and help you secure the right type of financing for your given situation. Contact a mortgage specialist today and get on the path to owning a home. 


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