Comments on: Advice for Getting Your First Mortgage https://www.moneywehave.com/advice-for-getting-your-first-mortgage/ Personal Finance and Budget Travel for Canadians Sun, 25 Jul 2021 11:15:03 +0000 hourly 1 https://wordpress.org/?v=7.0 By: Alexander Teng https://www.moneywehave.com/advice-for-getting-your-first-mortgage/#comment-191531 Mon, 19 Aug 2019 15:29:39 +0000 https://www.moneywehave.com/?p=9363#comment-191531 Great article. I second the advice to find your mortgage through a mortgage broker. I would add that it’s also important to work with a mortgage broker because they care about you for the long-haul. Mortgage means until death, as per the meaning of the word translated from Latin. So work with mortgage brokers because they are invested to be there with you for the long-haul, not just your immediate transaction need. Here’s why:

Many have fear working with mortgage brokers and prefer the comfort of going to their familiar banks to get the mortgage loan. It stems from a common misperception that banks (corporation) will treat them better than mortgage brokers (individuals). The reality is, mortgage brokers would take care of you better than corporations because your financial future is important to their future too. Banks have other sources of income to sustain them (account fee, credit card fee, etc) but mortgage brokers income comes solely from the commission of closing the mortgage for you. Plus, if you were to go default on your mortgage, the banks will take over, sell your house, and recoup their money from the proceed. There is simply nothing in it for the mortgage broker to give your a mortgage loan that is self-serving to themselves in the short-term that would lead you to a default proceeding.

So which one of the two entities would you like to work with? One who has become a household name but is a corporation who earns income from you through multiple types of fees and would benefit from you if you went default. Or the mortgage brokers (individuals) whose sole income is from continuous business of getting you the right mortgage terms and who do not benefit in any way if you were to go default on your mortgage.

I would choose to work with mortgage brokers. But then, some might say my answer is bias because I’m a mortgage broker. I had shared my thinking process above to arrive at my conclusion. Other may decide on their own.

]]> By: Morgan Homehow https://www.moneywehave.com/advice-for-getting-your-first-mortgage/#comment-186678 Mon, 10 Jun 2019 16:31:26 +0000 https://www.moneywehave.com/?p=9363#comment-186678 There are a lot of technicalities that need to be taken care of when you are getting your mortgage. I would suggest you ask a professional about it and how it can be resolved.

]]> By: Stocktrades Weekend Roundup - May 12th - Stocktrades https://www.moneywehave.com/advice-for-getting-your-first-mortgage/#comment-170369 Sun, 06 Jan 2019 22:58:36 +0000 https://www.moneywehave.com/?p=9363#comment-170369 […] Money We Have’s Barry Choi writes a great piece for getting your first mortgage. […]

]]> By: kristine j. fisher https://www.moneywehave.com/advice-for-getting-your-first-mortgage/#comment-165815 Tue, 27 Nov 2018 09:11:41 +0000 https://www.moneywehave.com/?p=9363#comment-165815 Hi, Barry Choi

Thanks for sharing such a great information with us. Your Post is very unique and all information is reliable for new readers. Keep it up in future.

Finding a best mortgage broker is not easy.I think Best mortgage broker can help us by reducing our time as well as its totally Hassle-free.A good mortgage broker should know about Mortgage Laws also. am i right ?

Also, i want to mention that , I see your post regularly. Your post is very useful to us.
Thanks

]]> By: vijay https://www.moneywehave.com/advice-for-getting-your-first-mortgage/#comment-163593 Thu, 01 Nov 2018 00:21:53 +0000 https://www.moneywehave.com/?p=9363#comment-163593 Thank you!

]]> By: Barry Choi https://www.moneywehave.com/advice-for-getting-your-first-mortgage/#comment-163531 Wed, 31 Oct 2018 11:41:10 +0000 https://www.moneywehave.com/?p=9363#comment-163531 In reply to vijay.

Hey Vijay,

Canwise financial and Truenorth mortgage are pretty big in the GTA.

]]> By: vijay https://www.moneywehave.com/advice-for-getting-your-first-mortgage/#comment-163495 Wed, 31 Oct 2018 01:56:42 +0000 https://www.moneywehave.com/?p=9363#comment-163495 Can you please tell me some reputed mortgage brokers in Toronto area

]]> By: Ridley Fitzgerald https://www.moneywehave.com/advice-for-getting-your-first-mortgage/#comment-63930 Wed, 13 Dec 2017 22:19:19 +0000 https://www.moneywehave.com/?p=9363#comment-63930 Thanks for the great advice for getting a mortgage. My wife and I are ready to get our own home, so this is perfect for us. Using a broker sounds like a great choice, especially if they do all the negotiating for us. I’m not good at negotiating, so that’d be nice!

]]> By: Darrin Roseborsky https://www.moneywehave.com/advice-for-getting-your-first-mortgage/#comment-21119 Thu, 10 Aug 2017 11:24:04 +0000 https://www.moneywehave.com/?p=9363#comment-21119 Getting a first mortgage is not easy for many. Well said especially for first time home buyers it becomes very difficult for many. Understanding different types of mortgage as per your requirement is important and to get the best mortgage rate one should take help of a mortgage broker who is professional. Clear out your debt and cross check your investments. A mortgage broker bargains with the lender on your behalf.

]]> By: Barry Choi https://www.moneywehave.com/advice-for-getting-your-first-mortgage/#comment-4566 Tue, 02 May 2017 19:10:42 +0000 https://www.moneywehave.com/?p=9363#comment-4566 In reply to Owen @ PlanEasy.

Hey Owen,

Thanks for your input. Yeah it’s amazing how much money banks will offer us. I liked how my broker made no attempts to get me to take advantage all of the money available to me.

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