For most people, buying a house requires them to take out a mortgage. Mortgages are great financial instruments that allow you to buy any kind of property. But to get the right mortgage, you need the right specialist on your side. First, let’s look at the different kinds of advantages mortgages offer.
Advantages of getting a mortgage
You can own a home
One of the biggest advantages of getting a mortgage is that it allows you to be able to afford to buy your own house. Now this may be your dream house or any accommodation that you would like to purchase for yourself. The amount of mortgage you can get depends on a lot of factors including your credit score, your assets, liabilities, and more. However, no matter how big or small your mortgage, it brings you that much closer to being able to afford to buy a house. Without a mortgage, you would only be able to afford a house by selling your assets or saving up. A mortgage allows you to bridge the gap between what you have and what you’d like to have.
Mortgages help you build your credit score
Because a mortgage is debt that you take on, it helps you build your credit score too. Your credit score or credit rating is based on your history of debt repayment. If you have been diligent about paying back your debts such as loans, credit cards, etc., then you would have a higher credit score. However, if you have been missing payments or making late payments then that also affects your credit score and reduces your credit rating. If you take out a mortgage and make sure you make all your mortgage payments in time, it will have a positive effect on your credit score. Because mortgage payments are taken from your account automatically, getting credit score “points” for paying on time is an easy win.
Mortgages give you the financial freedom to pursue other goals
So, you’ve always wanted to own your own house or maybe buy a better house. However, you may also want to travel the world, or buy a new car. Perhaps you want to get back to college and earn a degree or have children wanting to pursue post-secondary education. Whatever the case may be, you will always have a limited earning capacity. You cannot fulfil all your financial goals at once. Getting a mortgage helps you to reduce the strain on your finances. With a mortgage, you can use your savings towards other pursuits since it will pay for a big chunk of house-buying expenses. With that out of the way, you may instead use those funds to get that car you want or plan a backpacking trip to Machu Picchu!
However, getting a mortgage isn’t always easy
While mortgages are great in many ways, the reality is that you may not be able to take out a mortgage all that easily. Let’s look at some of the obstacles that may stand in your way.
A mortgage approval may take time
You may find that you apply for a mortgage and are told it will take weeks to get you the approval you need. By that time, your dream house is already off the market! Since a bank or financial institution needs to commit a lot of checks and verifications before giving you a mortgage, approvals tend to take quite some time. Of course, this is not true for every single case. For example, if your own bank is giving you the mortgage, they may be able to approve it faster. However, you may also find that the deal your bank is offering on your mortgage is not really that great.
You may need to complete a lot of paperwork
Like we said above, there are a lot of checks and verifications that are carried out by any lender when you to take out a mortgage with them. What does this entail? At the very least, a ton of paperwork to be filled out by you. You will need to give them numerous details about your assets, your liabilities, your income tax returns, your salary proof, plus any other legal and financial information they may need. In addition, you will also have to provide this information about a guarantor if you have one, too!
You may need to do a lot of legwork
Remember how we said your bank may be able to give you a mortgage approval quicker but may not be able to give you the best deal? To get a good deal on your mortgage, you would have to do a little research and mortgage shopping or you may find you are paying through your nose, have to make a bigger down payment than you can afford, or are even penalized for making early payments. You may have to speak and meet with multiple mortgage providers before you settle on the best deal for you. A good deal would include a suitable mortgage interest rate, mortgage term, and a payment schedule that suits your specific needs. Not easy to find unless you make sure to put in all that effort.
You don’t have the right advice
When you are thinking about taking out a mortgage, you should make sure that you’re getting the best financial advice possible. Ideally, you should be speaking to a mortgage specialist. Wondering how you can go about that, how to find the time, or even whom to approach? No worries, we have you covered. You can simply speak to one of our mobile mortgage specialists!
What’s a mobile mortgage specialist?
Since the pandemic hit, real estate has seen tumultuous times. During lockdowns, many people couldn’t get access to speak to someone about their mortgage. Of course, technology came to the rescue. While it has always been possible for the past decade or so, now more than ever, you can connect with a mortgage specialist remotely. There are many ways that a mobile mortgage specialist, especially the ones at Innovation (we’ll introduce them to you soon!) can help you get the best mortgage deal to buy your house.
Advantages of a mobile mortgage specialist
You can get pre-approval of your mortgage
With a mobile mortgage specialist, you can get pre-approval on your mortgage. That means all you need to do is find the right house and your mobile mortgage specialist will have a mortgage ready for you. While you will still have to provide some documentation to finalize the deal, you don’t have the stress of wondering if you can get the financing for the house of your dreams.
They are directly accessible on your schedule
One of the biggest advantages of an Innovation mobile mortgage specialist is that they’re directly accessible via text, call, or email. As we’ve already mentioned, getting the best mortgage for you is something that you need to think about carefully. It helps to get an expert’s advice. What helps even more? If that expert is available for a quick chat or to pore through paperwork on your behalf. Our mortgage specialists are able to provide you with all the information, insights and help you need.
So, now you know just why mobile mortgage specialists are so great and can help you in many different ways. That means you’re ready to meet our team!