While obtaining a mortgage can be scary for many first time buyers, this is an area where a good mortgage broker can make all the difference in the world.
Clearly, you are free to work with any lender you wish. However, brokers usually have many contacts in the mortgage industry, and it can be advantageous to let them do the leg work for you.
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The mortgage application process is complicated, and there are a lot of things that need to be set up properly. Your brokers’ relationship with the lender will help you get all of the information you need in a timely fashion.
Preparing your application can be tedious; fortunately, your mortgage broker will give you a checklist of what the lender needs to process your mortgage.
Once you've submitted the application, the lender will verify everything in your application -- from your employment to your credit history and financial status.
Be as honest and accurate as you can when completing your application, because errors will only slow the process down.
The verification process may take as long as 3 weeks to complete -- and you don't want to drag it out further because of mistakes that need to be cleared up.
