Mortgage Brokers in Oakville

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Mortgage brokers

Mortgage brokers in Oakville

Looking for a mortgage doesn’t have to be stressful or time-consuming. When you use a Mortgage Broker in Oakville, like AKAL Mortgages Inc., you are guaranteed professional service that will build a trusting relationship with you. If you are wondering if using a mortgage broker is worth it, there are some things you should keep in mind.

Why should you choose a Mortgage Broker in Oakville?

Using a local Oakville mortgage broker, who knows the area, knows the people, and knows the lenders, will be able to help you in so many ways. They can take a long, confusing mortgage application process and help make it more understanding and enjoyable. Brokers will be able to guide you to the lenders and mortgages you qualify for. They will also help you out by sending out multiple applications on your behalf.

Mortgage Rates

How to get the best rates for Mortgages

There are many ways to find good rates for mortgages, but if you simply want the best, you may have to consider the following points:

Apply to Multiple Lenders: You will be able to choose the best lender with the lowest rates if you have a selection. The mortgage broker in Oakville will be able to send out multiple applications, so you will be able to see costs and rates from each lender. If you plan on staying in your house for a long period of time, it is a good idea to pick the lowest rate and not worry about getting low closing costs.
Credit Score: Credit score plays a big part in getting the best rates, and having good credit is essential to having a good credit score. Try to pay down any outstanding debts, no matter how small. Make your payments on time. Take a look at your credit score and make sure all the information is correct, spelling and address included. If you see anything wrong, get it fixed right away.
Decrease Debt: Decreasing debt will help improve your credit score, and also relieve some financial strain. Start by getting rid of any unneeded expenses, and paying off debt.
Discount Points: Discount points can be used at closing to lower your mortgage’s interest rate. The points are a fee but can be useful if you plan on having your mortgage for a long time. If you are flipping the house or only staying a few years, discount points may not help you.
Shorter Term: When you take out a mortgage loan with a shorter term, interest rates can be lower.

Apply to Multiple Lenders: You will be able to choose the best lender with the lowest rates if you have a selection. The mortgage broker in Oakville will be able to send out multiple applications, so you will be able to see costs and rates from each lender. If you plan on staying in your house for a long period of time, it is a good idea to pick the lowest rate and not worry about getting low closing costs.
Credit Score: Credit score plays a big part in getting the best rates, and having good credit is essential to having a good credit score. Try to pay down any outstanding debts, no matter how small. Make your payments on time. Take a look at your credit score and make sure all the information is correct, spelling and address included. If you see anything wrong, get it fixed right away.
Decrease Debt: Decreasing debt will help improve your credit score, and also relieve some financial strain. Start by getting rid of any unneeded expenses, and paying off debt.
Discount Points: Discount points can be used at closing to lower your mortgage’s interest rate. The points are a fee but can be useful if you plan on having your mortgage for a long time. If you are flipping the house or only staying a few years, discount points may not help you.
Shorter Term: When you take out a mortgage loan with a shorter term, interest rates can be lower.

Get a Free Consultation and a no-obligations mortgage plan with rate for you.

Mortgage brokers

How to get a Mortgage even with bad credit?

There are a few different ways to get a mortgage even if you have bad credit.

Co-Signer: Co-signers guarantee the mortgage payments will be made every month. They will have their credit score and their income checked. If you become unable to make payments, the co-signer must make the payments.
Subprime Lenders: Subprime, or B-Lenders may cost you more in fees, but they specialize in working with people with poor scores and bad credit.
Private Lenders: Company or individual who can loan to people who don’t qualify for a traditional mortgage. They can be a bit more expensive but are responsive and more flexible than a traditional bank. You still have the same security.
Bad Credit Mortgages: This mortgage is designed for people with bad credit. It usually has a high interest rate and often has a longer term involved, but for some, it is worth it to own their own home.

Advantages of Using a Mortgage Broker

Mortgage Brokers are there for you: A mortgage broker takes the time to get to know your needs, building trust. They are trained for finding the right mortgage for you and you have their full attention. Banks have many other services to concentrate on, so can’t give you the attention you may need.
Save You Time and Money: Brokers will know you and your situation, so won’t waste your time by sending your application to an unsuitable lender. They will save you money by having you fill out only one application, and then they send it out to multiple lenders. Brokers have a huge resource of lenders to look through and will save you time by narrowing down the search on your behalf.\, finding the ones suited for you.
They have all the Contacts: Mortgage brokers know where to look in their endless list of lenders. Some lenders will only work with brokers, so you wouldn’t have known about them if you looked on your own. This often allows the broker to find special rates for you. Mortgage brokers usually get better rates than traditional banks because they have such a large volume of business contacts.