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Advantages of Using a Mortgage Broker when Looking for Second Mortgages in Hamilton

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The Advantages of Using a Mortgage Broker when Looking for Second Mortgages in Hamilton

 
Applying for second mortgages in Hamilton can be a daunting task for even a seasoned homeowner. Hamilton has seen a boom in its housing market over the last few years, with demand for housing and the value of existing homes on the rise. A trusted mortgage broker can help you navigate the process, while saving you time and money in the process. If you skipped going through a mortgage broker for your first mortgage, here are some reasons to consider seeking one for your second mortgage.
 

What Is a Mortgage Broker?

 
As defined by the Canadian Association of Accredited Mortgage Professionals, a mortgage broker is "an individual authorized to deal in mortgage and lend money using real estate as a security” (Source: CAAMP). Brokers essentially negotiate on your behalf and give you the best interest rates and terms based on your history and loan requirements. A good broker will research and work with various types of lenders (both traditional banks and private lenders) to ensure that you are getting your ideal mortgage.
 

What Are the Advantages of Using a Mortgage Broker?

 

1. Expertise and Free Advice

 

Since mortgage brokers specialize in mortgage-related products, they will be able to provide you a good overview of the various financing options that exist in today’s market. In addition, they will often give you free consultations to walk you through the process and guidance on what you need in order to get your second mortgage application approved.

 

2. Helpful for Homeowners with Less-than-Ideal or Limited Financial History

 

Credit scores are a key component to getting your second mortgage approved. It is one of the first pieces of information that traditional banks use to determine if you are a good candidate to lend to. For homeowners who are considered unfavourable candidates due to a lower credit score, mortgage brokers can offer invaluable assistance in helping you negotiate better interest rates and conditions. In addition to those with past financial history, mortgage brokers can be helpful to those with limited credit history such as newly settled immigrants.

 

3. Time-Saving

 

Although you will still need to take the time to do your research, find a trusted mortgage broker (consider asking friends and family for recommendations) and calculate a monthly budget to ensure that a second mortgage is a viable financing option. Once you find the right broker for you, they will be able to help you fast-track the process by helping you get paperwork sorted and negotiating with lenders on the terms and conditions.

 

With the countless options available for homeowners today, consulting with a mortgage broker could help you get your feet on the right track when it comes to searching for second mortgages in Hamilton. Hamilton has seen a resurgence in the housing market over the last few years, with its growing university population, vibrant art community and proximity to the GTA contributing to its rising prices. Timing is key when it comes to applying for a second mortgage and a buzzing real estate market can certainly help you access more equity as a result of overall market values rising.

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