Taking your first, tentative steps onto the housing ladder, can be an exciting but daunting prospect, and as a first time buyer, you may have a number of concerns surrounding the mortgage process. 

Often complex and difficult to navigate without any prior experience, many who are new to the world of home ownership, choose to seek guidance from a local mortgage broker. But what are they, and how exactly can they help you as a first time buyer?

What is a mortgage broker?

While it’s a real estate agent you turn to for help finding a suitable home, it’s mortgage brokers who can help you find appropriate financing in order to purchase that home.

With a sound understanding of the local market and after careful consideration of your specific financial circumstances, a good mortgage broker will leverage their close relationships with a variety of lenders to find you the best mortgage solution. 

Here are just some of the ways a mortgage broker could help you navigate the mortgage process as a first time buyer, with ease:

• They can help you to understand your mortgage application

There’s no shame in admitting that applying for a mortgage has got you baffled, but with guidance from an experienced broker, they can explain to you – step-by-step and without the use of confusing jargon – how the entire process works. There may be other important details they can make you aware of, too, and with their professional, patient guidance, the home buying process can be smooth and stress-free.

• A broker can help identify programs you may qualify for

Provided you work with an experienced mortgage broker, they can help you find government incentives and tax rebates that you may qualify for, such as provincial land transfer tax rebates and the Federal Home Buyers Plan, that could help make buying your first home more affordable. 

• They can ensure you have all the required elements for your mortgage application

If you’re a first time buyer, you may not be aware of the key items on your application that are important, such as the down payment, closing costs, your income information and credit worthiness. When you work with a good mortgage broker, they can guide you through all of the most important aspects of your mortgage application, to help you put yourself in a better position for getting approved by your chosen lender. 

When buying a home for the first time, it can be extremely helpful to work with a mortgage broker, for all of the above reasons, and many more. So, if you’re looking to buy your first property but aren’t quite sure where to begin, schedule a consultation with a local broker and you could be settled into your new home within a matter of weeks!

David Simson

The author, Dr. David K Simson is a trained radiation oncologist specializing in advanced radiation techniques such as intensity-modulated radiotherapy (IMRT), image-guided radiotherapy (IGRT), volumetric modulated arc therapy (VMAT) / Rapid Arc, stereotactic body radiotherapy (SBRT), stereotactic radiotherapy (SRT), stereotactic radiosurgery (SRS). He is also experienced in interstitial, intracavitary, and intraluminal brachytherapy.