Posted 5.8.13 @ 10:35
A new study conducted south of the border has shown that pre-purchase mortgage counseling greatly helps people understand their mortgage, even if this is their second or even third time purchasing a home. If you want to be able to stay above the default line (it can happen to everyone) and make sure you don’t borrow more than you can afford, it might just be the right thing for you! Here we’re going to go over everything you need to know about mortgage counseling and how it can help you.
Survey Shows Home Buyer Education is Vital
The more a buyer knows about the mortgage BEFORE they buy, the less they’re likely to default (miss 90 consecutive days of payments) on their mortgage. People have to know what they’re getting into before they buy their home; and while you may have been through this a few times if you’re buying Oakville luxury real estate, it’s still important you understand loan types, your obligations and rights as a buyer and everything else that goes into getting a mortgage.
Lenders Want Educated Borrowers
The more a borrower understands their mortgage, the more a lender is going to be able to make off of them. After all, if you default, what does the lender get? A home that they home that they can sell but may not be able to, and that doesn't do anyone any good does it? One problem with the study is that they couldn’t tell if the borrowers that were looking for counseling were thinking ahead and had some specific types of behaviors that set them apart, or if it was the counseling that helped. Either way, it never hurts to understand your options.
Individual Face to Face Counseling Always Works Best
Individual face to face counseling has been shown to work, while online or reader courses haven’t been shown to help very much. Being able to sit down with a professional and talk to someone about your questions and what you need to know just helps the information stick better. If you are considering a “jumbo loan” for your next mortgage, make sure you speak with a professional ahead of time. That way you’ll know what you’re getting into BEFORE you sign on that dotted line.
Once You Find the Right Loan…
You’ll want to find the right home – and that can be hard to do on your own. When you’re ready to buy luxury real estate in Oakville, call us! We’ll help you understand which communities have the most to offer you and how you can find the home that’s right for you. After all, you can find a house just about anywhere on your own, but finding a home is a little different! We give that service with a smile that will help you get the best house in the best area, a home that you’ll enjoy for many years to come.