Need Help Navigating the Money and Questions of Home Ownership?

It can be hard to know where to even begin for first-time home buyers. Meet the “where to even begin” professionals.

Navigating the process of buying a home and securing a mortgage can be really stressful without the right advice.

When you purchase your first home, it’s likely to be the biggest financial endeavour of your life. It can be intimidating and overwhelming, especially in today’s market, where interest rates and housing prices are sitting at or near alltime highs. You want to walk the path toward your goal of home ownership, but you don’t know where to put your feet. Fortunately, you don’t have to take that first step on your own. “Navigating the process of buying a home and securing a mortgage can be really stressful without the right advice,” says Lauren van den Berg, President and CEO of Mortgage Professionals Canada. “Mortgage brokers and other mortgage professionals can help make sense of it all and set you in the right direction. They’ll be with you every step of the way to answer your questions, guide you to your new home with personalized advice, and ensure you get the best financial products possible that fit your family budget, not just for where you are now, but for where you’ll be in the future.”

Mediaplanet sat down with Lauren van den Berg to ask some of the most pressing questions Canadian home buyers may have and to learn how any of the more than 15,000 members of Mortgage Professionals Canada can help you navigate the mortgage process, whether you’re a first-time buyer or an existing mortgage holder.

How would you characterize the current homebuying economy and market conditions?

The housing affordability crisis across Canada is real and it is persistent. The average home price in the country’s two largest cities is well over a million dollars already and has been for a long time. We’re also seeing multi-decade highs in interest rates, which have made it much more difficult for Canadians to qualify for mortgages. That’s why we’ve been strongly advocating for the federal government to enact policy measures that would ease the burden on home buyers. Unfortunately, it may be not the right time to buy for some people. But for other people, it could be the perfect time to buy. It’s very much on a case-by-case basis.

When is the right time to engage a mortgage professional?

It’s so important to talk to a mortgage professional before you even start your home-buying journey. Mortgage professionals can cut through the noise, explain complex terms in simple language, answer your questions, and walk you through your family budget to find something that works for you.

How much do mortgage professionals charge for their services?

Mortgage professionals are typically paid through commissions from lenders, so the home buyer isn’t on the hook. There’s literally nothing to lose when it comes to getting the best mortgage advice tailored to your needs by talking with a mortgage professional.

Is there a reason to consult a mortgage professional if you already have a mortgage?

Yes! Almost 60 per cent of all outstanding Canadian mortgages are soon due to renew. With interest rates at record high levels, this is a situation that can easily lead to payment shock. Depending on where they are in the country, some borrowers could see their payments rise from anywhere between 30 to 60 per cent. Mortgage renewal should be seen as a fantastic opportunity to speak with a mortgage professional at no cost. At renewal, you have a chance to renegotiate your mortgage or switch to a new lender for a better deal. You want someone on your side in this moment, offering objective and unbiased advice. How can you find a good mortgage professional? Visit findmeabroker.ca for advice that can help you cut through the noise, ease some of that scary pressure, and find a custom solution that’s going to fit your unique needs in your local market.