Who uses a Beloeil mortgage broker? When do you need the services of the best mortgage broker Beloeil has to offer? We’ll share the top four occasions for hiring a mortgage broker other than buying a new primary residence.
Nearly every bank will lend you money to buy a new, primary residence. Fewer will loan you money to buy a property in need of drastic renovations to become habitable, though you intend on living in the home once it is completed. Very few mortgage lenders will loan money to someone intended to buy a property, fix it up and then sell it or rent it out. This is why you need to work with a mortgage broker to get a competitive interest rate on these mortgages. Ask for referrals for a mortgage broker Beloeil residents who already invest in these types of properties use to simplify your search.
Note that you’re less likely to run into this problem if borrowing to invest in an upgrade of your existing home that will increase its value. A well-built mortgage helper that could serve as a mother-in-law suite in a multi-generational household or rental unit may be approved by your mortgage lender provided it is in compliance with the building code.
You could renew your mortgage with your current mortgage lender without the assistance of a mortgage broker. However, that would be a mistake. This is the one time when you can negotiate a lower interest rate or more favorable mortgage terms. It is the one opportunity you have every few years to switch lenders or change the mortgage terms without penalty. Consult with a mortgage broker to understand what the market rates are for your mortgage. You may be able to use that information to negotiate better mortgage terms with your current lender, if you don’t decide to switch lenders. Or ask the mortgage broker Beloeil banks will negotiate with, so that the big bank offers you better loan terms.
If you have an open mortgage, then you don’t need to talk to a mortgage broker about being able to refinance your loan so you can put a 50,000 dollar inheritance or bonus from work against the home equity. If you have a closed mortgage, then a mortgage broker may be able to help you refinance your home loan and put more money against the loan balance than the lender permits.
On the flipside, a mortgage broker can help you secure the best rate on a cash-out refinance or debt consolidation loan. Then you can combine the primary mortgage, home equity loan and other debt into a single, lower interest rate loan.
The typical mortgage lender wants to invest in conventional real estate. They’ll almost always loan money for a well-built single family home in the suburbs or a condo in downtown. Most will offer decent loan terms for a duplex, provided you’re living in the half you’re buying or half of the unit you’ll be managing. Unconventional properties, though, are harder to sell and considered a higher risk. This means most mainstream lenders will avoid such deals. Perhaps you want to buy a store with an apartment above it. Maybe you want to buy a rural property and convert it into a bed and breakfast or working farm. It could be as simple as trying to buy land to put a hand-made cabin or mobile home on. Ask for referrals for a mortgage broker Beloeil residents in these types of property used so that you can go directly to the experts.