When considering a foray into the real estate world, most people, like my daughter, have several options from which to choose. They can either rent or buy. The choice they make here will determine whether they own their own house or not.
My father always taught me that I was better off owning my own home. He would say, ‘Tracy, landlords can be an unbelievable nightmare. If I don’t ever teach you anything, let me teach you this, buy your own home as soon as you can. Only then will you be liberated and free to pursue financial security. I always listed to my Dad. So I bought my own home almost as soon as I graduated university. I have tried to instil the same philosophy into my daughter.
But today, the real estate market is not what it used to be. Today, people have a great deal of choices when it comes to the kind of financing they can get. That, however, does not mean that you should go for the very first option that comes your way.
My daughter and her fiancé learned this the hard way. After sinking almost $180,000 (all their savings) into a house that they could barely afford. Today, they seek better financial advice before jumping in feet first.
But we digress. Where were we? Yes, owning or renting. Regardless of the choice you make, one thing is certain, there is big money involved. If you want to get into real estate, you need money. Most of us do not know how or where to find the funds necessary for this kind of venture.
Enter online mortgage brokers
Often, most first time home buyers looking to buy a cheap property for sale only ever approach their local banks for financing. What this means is that those are the only options they get. They have to be content with the terms and rates offered by the local bank because that is all that they know. But what happens when your local bank denies you the financing because you don’t meet their risk assessment? This is a common story for a lot of self-employed entrepreneurs.
What happens when their terms and rates become too unfavourable to make good financial sense? We all know that mortgages for self-employed individuals can come with some stiff terms and conditions. What do you do then?
Employing the services of an online mortgage broker is the answer to all these questions. Besides your local banks, a money broker has a vast network of other possible lenders who will be willing to consider your case. A great money broker will find you options upon options of possible financiers; all with different rates and terms so that you can choose the one that best suits you. There are always different financing options available, most of us just do not know about them.
That is why you need the vast network that only a finance broker can offer.
An online mortgage broker brings objectivity to the table
When was the last time you really needed money? We can all agree that when you are in dire straits, you are not exactly objective. Most of us would accept any kind of terms as long as we can secure the financing that we need. The problem with this arrangement is that some times, these terms turn out to be absolutely disadvantageous to us and end up costing us more than we bargained for initially. An online mortgage broker is not in the same situation that you are in. Which means that they can afford to be objective and they can look at the situation clearly.
Finding a trusted financial broker means that you are in good hands. They will offer you their valuable advice and tell you when they think a deal is not worth striking and when they think that it is the best offer you are going to get. This sort of objectivity is necessary when financial decisions are to be made.
Fortunately, these days, there are a lot of property networking events in the country that hold free meetings. These events are great places to learn about the best brokers and lenders out there and to see which services best suits your needs.
Perhaps the two networking events that I know hold monthly meetings are the following: Property Investors Network founded by Simon Zutshi, and We Buy Houses Community Meetups founded by Rick Otton. Feel free to look them up.