Almost every time we get a First Time Buyer(FTB) mortgage client that has applied to the bank for their first mortgage, we learn that the bank was trying to charge them a higher interest rate etc.

First timers lack any knowledge and experience when it comes to understanding all the facets of the real estate process, and yet the majority of parents and real estate agents continue to send the ‘kids’ to their friendly banker. We expect this is the case because trust in the banks ‘is still ingrained in most of us’

This reality continues to befuddle us, as the FTB is one of our ‘specialties’ We love helping young people starting out, to attain that first place they will call home. And we have a lot of experience doing so. We take special care to educate them every step of the way, including helping them assemble all the key players(service providers) they will need, with the view to making their experience as cost effective, enjoyable and stress free as possible.

Most importantly, we take the time to explain each step of the way, giving them a proper understanding of the next step and proper expectations with respect to all subsequent steps. Too often FTB’s tell us that they are rushed at the bank, and were not informed about ‘so many’ things. And they do not know if the rate they are being offered, or the mortgage product and terms they are given are the best or not. The facts are that we, with our high mortgage volumes and multitude of lenders, can get them the same rate as we can get our wealthy clients, consistent with our policy to get each client the absolute best interest rate out there.

One example of ‘our advantage’ is that we understand that FTB’s do not have the ability to make(extra) prepayments to their mortgage, and so we get them a ‘no frills’ product with an even deeper discount, saving them more money.

Many prospective FTB’s are declined by the banks, often due to some small issue(s) that can be fixed. As a result, many FTB’s give up on their dream of home ownership and keep renting, not knowing that a professional mortgage broker likely has a solution.

Footnote: Activity in the real estate market has picked up considerably over this past month; we are busy again, realtors are busier, as are real estate lawyers. If you are thinking about making a move in the near future, don’t put it off(act now) & (deal with the financing first)because now is the time to purchase; it’s now a balanced market(flexible sellers) and mortgage rates once again have dipped to all time lows. In other words, housing may never be this affordable again.