The Benefits of Working with Oakville Mortgage Broker

Far simpler to work with a mortgage broker

You certainly can shop as many lenders as you want but the reality is the limit of how many banks you can contact. Good Oakville Mortgage Brokers have many lenders to contact, as well as access to special well-priced programs that are inaccessible to individual borrowers. When you choose a direct lender you are obliged to fall into his way of doing things, whereas with a mortgage broker you are able to have better control over the closing process. The Broker serves as a liaison between you and the lender for closing times, flexibility, paperwork leniency, or for a credit issue.

A key benefit of working with a Oakville Mortgage Broker is that they can find you a better deal for your mortgage than you can find by shopping on your own. Very often the broker will price their fees into the loan’s interest rate, or into the final closing costs. Through this way, you benefit from their services without having a large initial cash expense.

How your loan package operates

Oakville mortgage brokers assemble loan packages to procure financing purchase and refinance transactions. They use a loan submission checklist to ensure that all the necessary items required are enclosed within the loan package. Included are items such as a borrower’s loan application form, a credit report, pay stubs, tax returns, a homeowner’s insurance policy, as well as certain loan disclosures. Your mortgage broker will check each loan file over before submitting to the investor for approval.

By law, borrowers are obliged to complete home loan applications truthfully. Misrepresentations or fraudulent loan information could lead to heavy fines or even jail time. A variety of methods is used by mortgage lenders for establishing the authenticity of a borrower’s loan application. Truthfulness with mortgage brokers and lenders could help a borrower to avoid certain consequences and receive the ownership of his home.

Investing in Property

Your Oakville Mortgage Broker will gladly assist you to secure a loan for an investment property. However, you must remember that property loans are associated with above average lending risks, and so the loan costs are generally more expensive. A borrower could find the down payment for an investment property to be several times as much as a down payment for a primary residence. The financial arrangements could make the borrower choose to further finance their residential property instead of utilizing an investment property option.