Purchasing a home is one of the biggest investments you will make in your lifetime. As such, there are a number of essential steps a prospective home buyer must take to ensure they can purchase their dream home. Our mortgage brokers at Clover Mortgage can guide you through the mortgage market towards the ideal mortgage deal for you.
Our first step is being informed of your credit score, as it can have a powerful effect on the mortgage rate you can obtain. Those with excellent credit scores, typically greater than 680, will likely face low interest rates, assuming the rest of your application is also strong. If you’re worried about your credit score, rest assured that our skillful mortgage brokers will pursue the best mortgage rate for your application. Throughout our 20 years of experience, we have developed tactful strategies for achieving excellent mortgage rates for clients with a broad spectrum of credit scores.
Next, our mortgage brokers will discern your financial situation, while taking into account the short and long-term costs that come with purchasing a mortgage. A number of costs are incurred in the initial process of purchasing a home, including legal fees, appraisal costs, taxes on land transfers, mortgage insurance, and a down payment. After successfully investing in a home, there are many expenses a new homeowner should be aware of, such as new furniture and appliances, property taxes and insurance, maintenance fees, utilities, and renovation costs. All of these costs will be taken into account by your mortgage broker to establish your financial viability and your mortgage budget.
After creating a personalized budget, our mortgage brokers can establish what down payment you should be making towards your home. According to federal regulations, a potential homebuyer must be able to pay 5% for mortgages under $500,000, and 10% for a mortgage between $500,000 and $1 million. Importantly, a larger down payment can diminish the interest incurred over the duration of the mortgage, as well as the CMHC mortgage insurance premium. Our expert team will put your best interests first by securing a down payment and mortgage rate of the highest standard we can find from our pool of lenders. At Clover Mortgage, you are guaranteed meticulous attention to detail, which will ensure that your down payments and mortgage related fees will be sent on time before the closing date.
The final step is to find an optimal mortgage rate for you. Our mortgage brokers will thoroughly study all aspects of your application and find a deal that satisfies all of your needs. At Clover Mortgage, we have over 50 partnerships with lenders, giving us a competitive advantage in finding the best mortgage rates. Rather than working with just one bank and their rates, we have access to many A, B, and C lenders that we can compare mortgage rates from. Our partnerships, coupled with the substantial knowledge we hold of current trends in the mortgage industry, enable us to efficiently search for and negotiate mortgage rates, rather than you taking on the tedious, tiresome process on your own.
Getting a mortgage is a very significant commitment that requires the kind of thoughtful, critical approach our mortgage brokers are well-equipped to offer. A mortgage on your home is a long-term responsibility that will be with you for years to come. Take the time to find the perfect mortgage for you and don’t settle for the first option you find. Work with a mortgage broker from Clover Mortgage to give you the options you need to make such an important decision.