12 | Consumer Guide 2015 mbabc.ca
Y
our home will likely be the
biggest purchase you ever
make and, with so much
at stake, it's crucial to have
knowledgeable professionals
advising you along the way. But there's
one professional whose job is to guide you
through every step of the process, from
beginning to end: your mortgage broker.
In fact, says Invis mortgage broker
Sophia Myint, your first call should be
to your mortgage broker – even before
you talk to a real estate agent or start
browsing open houses. And you should
make that call earlier than you might think
– anywhere from three months to two years
before you're ready to buy. Your mortgage
broker will help you evaluate your financial
situation, identify areas to improve and
determine your budget long before you go
house shopping, which can help you avoid
the disappointment of falling in love with a
property that's out of your price range.
Determining your budget
Your mortgage broker will sit down with
you to review your whole financial picture,
including your sources of income, your
debt-service ratios, your creditworthiness
and from where you'll be getting your down
payment. He or she will determine how
much you qualify to borrow, as well as help
you decide how much you actually feel
comfortable borrowing in conjunction with
your other commitments.
Myint warns against relying on online
calculators to determine how much you'll
qualify to borrow. "Do-it-yourself online
calculators are generic, and until you delve
into the details of your position, you're just
generalizing about what you can afford."
She points out that they operate on the
When it comes to purchasing a property, your mortgage broker is with you every step of the way
By Tiffany Sloan
WHAT YOUR
MORTGAGE BROKER
CAN DO FOR YOU
