The ability to afford a home in Canada has become a serious challenge in recent years, particularly if you are a ﬁrst-time buyer. The prospect of buying a home is a daunting experience at the best of times, but now even more so with tighter government regulations and the much talked about stress tests. The solution? Seek out the services of a qualiﬁed mortgage broker who will explain every step of the homebuying process as well as help you understand how the government rules pertain to you.
Your mortgage broker will ensure you make a wise decision that suits your emotional needs and your ﬁnancial situation as well as help you determine the type of property that is best for you. They’ll also help you establish a realistic budget and explain the various government programs that are available, particularly for ﬁrst-time buyers.
Mortgage brokers negotiate on your behalf with multiple lenders to ensure you are matched with the best product to meet your speciﬁc needs, and it’s 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, so it’s in their best interest to ensure you receive the best possible mortgage product and rate, tailored to your unique requirements.
You’ll want to make sure that the broker you chose to work with belongs to Canada’s national mortgage industry association. Bound by a Code of Conduct to ensure they always have your best interest in mind, Mortgage Professionals Canada members are deeply committed to their profession and receive ongoing training which allows them to serve you better.
Brokers who belong to the association also beneﬁt from strong advocacy efforts for homebuyer rights. The association and its members are actively engaged with government officials to help them better understand the importance of affordable housing and educate them on the negative impacts the mortgage rule changes are having on homebuyers just like you.
Next month, Canadians will be going to the polls. The issue of housing affordability and accessibility will represent a signiﬁcant aspect of each federal party’s platform and their respective promises to combat housing concerns will be highly scrutinized by voters. The importance of your opinion and your vote are critical in making a difference, so make sure your voice is heard. Reach out to your local candidate and let them know that you are looking for their leadership to implement policies to improve access to affordable housing and ultimately help you realize your dream of homeownership.
Contact your local mortgage broker to guide you through the homebuying process and work together on taking a stance with government to affect positive change. Rest assured that your broker will be dedicated to supporting your voice and your position, regardless of the political affiliation.
For more information, visit www.findmeabroker.ca