3 Challenges Homebuyers Face in Getting the Best Mortgage Rates on a Home
 October 2 2016     Posted by Siemens Group

Within the real estate marketplace, buyers are now attempting to navigate the home buying process while ensuring they get the best mortgage rates for their purchase. But many new buyers face a number of challenges within this process. Within this article, the team at Invis – The Siemens Group take a look at the leading challenges buyers face in ensuring the ideal rates for their mortgage.

1. Limited Credit

One of the common issues new homebuyers face is that they don’t have the credit required to purchase a property. This can mean that they’re only offered the highest mortgage rates when they enter the marketplace, and may mean that they spend thousands of dollars more to purchase the home than they would if they had optimal credit. Before buying a property, it’s critical for buyers to work directly with credit counselors to determine how best to improve their credit before the purchase. This might involve paying off debts prior to buying a home, or simply working with creditors to limit the overall debt exposure. By focusing on their credit before they entering the buying process, buyers can secure their ideal property at a far lower cost.

2. Limited Market Access

In working with financial companies while trying to get the best mortgage rates for their future home purchase, many face significant challenges gaining market access. They may not be able to access the latest adjustable rate products, for example, because they don’t have the connection to the marketplace. It’s important for buyers to work with mortgage brokers closely to help gain market access and to be introduced to the newest available products. Mortgage brokers can represent the buyer in all dealings with their leader, and ensure that any issues are overcome in the best interests of the buyer and with the goal of reducing their total buying costs for the future.

3. Higher Qualification Standards

One of the foremost considerations for entering into a mortgage is the qualification standards required by the lender. The lender might only agree to work with the buyer if the buyer has previous history with the company or if they’ve been proven to have consistent employment and borrowing history over the last several years. This might mean that some buyers are prevented from entering into a mortgage. It’s critical to work with the lender in the pre-purchase stages to learn more on their requirements and how to ensure the best mortgage rates ready for the finalization of a home purchase.

The team at Invis -The Siemens Group are available now to answer all mortgage questions. To learn more, call their team today at 604-351-7438 or visit their business website at www.siemensgroup.ca.