Buying a new home can be one of the most significant moments of a person's life. It can also be one of the most stressful. Let Highline Mortgage help you with all your residential mortgage needs, whether buying a new home or refinancing yours. We can help you with your mortgage, every step of the way!
Let's start by discussing what a residential mortgage is. A residential mortgage is given to you, the borrower, typically to finance your purchase of residential property like a house, apartment, or land. The mortgage is a loan meant to finance part of your down payment for your residential property. There are two types of residential mortgages: a fixed-rate mortgage and a variable rate mortgage.
A fixed-rate mortgage is consistent and, as the name suggests, fixed. This means that the borrower will pay the same amount back with the same interest rate to the lender for the whole term. On the other hand, a variable rate mortgage fluctuates based on national interest rates.
The fixed-rate mortgage can be a cheaper rate initially, but it is unpredictable and could end up costing you more in the end. A licensed mortgage broker like Highline Mortgage can help you figure out what the best mortgage product is for you, but what else can we do?
When people are in the market for a new home, they always think of hiring a real estate agent or a lawyer, but often forget about a mortgage broker. However, a licensed mortgage broker is essential to ensuring a stress-free application and buying or selling process.
In general, a residential mortgage broker helps you to find a mortgage that suits your needs by comparing products from multiple lenders. But, we can also help you refinance a current property, access your equity, help you purchase investment properties, and help you manage your mortgage finances.
OR Mortgage Brokers?
While many people choose to go to a bank for their mortgage needs, a bank does not have your best interest at heart. They can only offer you their products. A mortgage broker, however, will talk to multiple lenders to get you the best deal possible.
The first step I will take with new clients looking for a residential mortgage is to get to know them and their mortgage needs. We will discuss things like your budget, what you're looking to do with your mortgage, and discuss any loans you currently have.
Then, I will start the mortgage application process for you. You will then gain pre-approval from multiple lenders. Once you have a property and you've put an offer in, we can submit a live application to one lender with the best rate. At this stage, your preferred lender will look at your income, credit score, down payment savings, and the property being mortgaged.
Once a lender accepts, a conditional commitment between the client and the lender is generated. The offer is based on a client meeting certain conditions, such as proving their income and employment with pay stubs or letters of employment. If everything has been sent in and accepted, the lender will then send the final instructions to your lawyer.
Your lawyer will finish the process with you by signing all relevant papers and receiving your funds in their trust account.
As you can see, mortgage brokers help you through the entire application and approval process. This takes away all the hassle of filling out multiple forms you've never seen before, finding a great lender, getting all the correct paperwork together the first time, and meeting the lender's conditions.
The main benefits of using a residential mortgage broker are that I can save you money in the long run. Highline Mortgage has a longstanding relationship with many lenders, even lenders that don't work with the public directly. Having a good relationship with lenders that you would not have been able to contact otherwise helps us get you a great deal.
The next benefit is that my services are free to you as I get paid by the lender. This means that I will always have your best interest in mind to find you the best deal. This also means that for no extra cost to you, all the stress of applying for a mortgage can be quickly taken care of.
One problem that many of our clients face is a bad credit score. If you have bad credit and apply for a mortgage through your bank, you will likely get immediately declined. The good thing about using a mortgage broker is that we work with plenty of lenders. So, even if you get one rejection, there are plenty of lenders who will still take you on as a client.
Finally, Highline Mortgage, like all licensed mortgage brokers, is monitored by a governing body. We have principles and values to uphold to ensure our customers are getting professional, trustworthy service.
For residential mortgages, we can help you with renewals and switches, refinancing, applying for a second mortgage, or receiving your home equity loans. Anything to do with a residential mortgage product, we are here for you! Call us today to discuss your residential mortgage needs.