Access to affordable homeownership and the process of buying a home in Canada is becoming increasingly difficult. There have been a series of government changes that may impact your eligibility for obtaining a mortgage, including the stress test, which applies to all mortgage qualifications. Navigating the mortgage process can be intimidating at the best of times and with these changes, it’s even more critical that you seek out the services of a mortgage broker who can explain the implications as they pertain to you.

Your broker will also help you determine what kind of property and budget are realistic for your situation. Mortgage brokers are educated about the various mortgage products and rates, as well as the issues and trends that may affect you and your mortgage, both now and in the future. Your mortgage broker will ask questions in order to fully understand your unique situation and will then negotiate on your behalf with multiple lenders to ensure you‘re matched with the best product. Think of your mortgage broker as your personal advisor throughout the entire homebuying and mortgage financing process, as they take both your short-and long-term goals into account.

Understanding each step is key to ensuring that you make a wise decision that suits your emotional needs and your financial situation.

It’s also a service that is generally free! In the vast majority of cases, mortgage brokers in Canada are paid by the lender once they successfully place your mortgage. As such, it’s in a broker’s best interest to ensure you receive the best possible mortgage product and rate, tailored to your unique requirements.

When should you connect with a mortgage broker? It’s never too early, especially if you‘re a first-time homebuyer. If you’re thinking about buying a home, you want to know the mortgage amount for which you qualify before you head out on your search. That way, you can look at options within your budget and avoid the disappointment of becoming attached to a home that’s beyond your financial means. Your broker can also explain how you can take advantage of government programs designed to help first-time buyers enter the market.

Although buying a home is a sound investment, it’s critical to understand what homeownership entails. Understanding each step is key to ensuring that you make a wise decision that suits your emotional needs and your financial situation.

You’ll want to verify that the broker you chose to work with belongs to the national mortgage industry association, Mortgage Professionals Canada. Bound by a code of conduct, Mortgage Professionals Canada members are committed to their profession and receive ongoing training to help serve you better. Contact your local mortgage broker and let them guide you through the entire homebuying process. You’ll be glad you did.

To find a broker in your area, visit Find Me A Broker.