As a new home buyer, you may hold preconceived notions about mortgages and assume that qualifying for a bank loan is simple and straightforward. Unfortunately, a lack of information coupled with stringent mortgage guidelines and other factors could put you in an unpleasant debt situation.

At Mortgages By Neetu Dhillon, I make the process of obtaining a mortgage as stress-free as possible and to help you avoid making a costly mistake, I have compiled this list of common mistakes made by new home buyers when shopping for a mortgage.

1. Shopping for a home without getting pre-qualified for a mortgage. Buying a home is such an exciting time for anyone and most of the time, people enter the real estate search without knowing how much they qualify for which can sometimes end in disappointment. The best way to begin house hunting is to find out what you are eligible for through a mortgage professional. This will make the house hunting process more relaxed and enjoyable.

2. Not aware of all the benefits you get as a first-time home buyer. A lot of times, I see new home buyers are so excited to buy the first place that they don’t take the time to learn how to use all the perks that come with buying their new house. At Mortgages By Neetu Dhillon, I sit with you and show you how to save money on property transfer tax as well as the rebates that are available to you.

3. Buying a house that is too big and too expensive. Many times, people only look at the mortgage payment that they will be taking on as a new homeowner. However, owning a home comes with several responsibilities. Once you become a homeowner, many bill payments come along that you may not have had as a tenant such as the hydro bill, cable bill, utility bill and property tax. My job is to show my clients the bigger picture and to make sure they can afford the payments and live the lifestyle that they want.

4. Not maintaining your current credit. Your credit plays a significant role when qualifying for a mortgage. Your credit history and pattern ensures the lender that you are a responsible credit seeker who pays the mortgage payments on time. From time to time, I notice clients that have not maintained their credit due to various issues, and once they enter the house ownership market, it becomes difficult for them to get financing.  At Mortgages By Neetu Dhillon, I take pride in coaching my clients on how to maintain their credit and work with them closely until they are ready to buy.  

5. Making a big purchase before buying a house. Quite often, I see clients purchasing a new car or leasing it with a big monthly payment. When qualifying for a mortgage, the auto loans or leases play a major role in your debt ratios which sometimes doesn’t qualify you for your dream home. When you are in the market to buy a house, always buy your dream home first and then bring the car home to showcase in your brand new garage.

6. Not considering your employment history. It is natural that we all want to do better than yesterday and the same comes down to our job. People sometimes keep moving from one job to another. When seeking financing for a mortgage, your employment history has to make sense to the lender. If the lender sees you jumping from one position to the other, it is often thought that you are not a stable worker. But if you have moved within the same industry for better pay or opportunity, the lender is okay with that. So, if you are thinking about buying, make sure you have credible employment history.

For the best mortgage broker in Surrey, BC, reach out to Mortgages By Neetu Dhillon.  I specialize in providing residential, commercial, refinance and private mortgages to clients across Surrey, Chilliwack, Langley, Delta, Vancouver, Burnaby, Coquitlam, and New Westminster. I negotiate and find the best rates and services for clients.

To learn more about all the services I provide, please click here. If you have any questions about how I can help you, I’d love to hear from you. Please contact me here.

While the experience, reliability, and trustworthiness of a mortgage professional are essential for a successful working experience, the services the mortgage agent provides should also play a crucial role in your decision to work with an individual broker or not.

To help you make the right selection, here’s a list of the top five services your mortgage broker must offer.

1. Purchase financing.

Whether you are purchasing a home or investment property, the broker should find you a mortgage product that not just has the best rate for you, but also matches your needs and fits your budget. The broker should also help you close the mortgage on time and without a hassle.

2. Refinance.

The option of refinancing allows you to obtain a new mortgage that replaces an existing one. Look for a broker who can help you reduce your financial burden by offering you the best refinancing mortgage products.

3. Equity take out.

The term ’Equity Take Out’ in mortgages is the process of “taking money out of your property” for a different purpose. It can be used for several purposes ranging from home improvements and renovations to investing in new property. Find a broker who provides you with the information you need, well before you commit to anything, so you can be sure that the solution you choose puts you in the most beneficial position possible.

4. Private lending.

For those buyers who don’t have sufficient income and can’t meet the eligibility or credit requirements of regular banks, there are lenders who offer private lending. Work with a broker that can provide you with more than just conventional sources of borrowing.

5. Commercial lending.

The first step to hiring a commercial mortgage broker is to use a brokerage that has lots of connections to many different lenders. The mortgage broker should not only have a firm understanding of real estate, but they must also know all the funding options available to businesses and investors seeking a commercial mortgage. Work with a broker that can help you get over the final hurdles with approvals and funding of commercial mortgages.

If you’re looking for an experienced mortgage broker in Chilliwack, Langley, Delta, Vancouver, Burnaby, Coquitlam, and New Westminster, BC., reach out to Mortgages By Neetu Dhillon. With years of experience, I can help you with a private mortgage, commercial mortgage, first-time homebuyer mortgage, residential mortgages, equity take-out, and pay down debt.

To learn more about the mortgage services I offer, please click here. To get in touch with me, please click here.

About Mortgages By Neetu Dhillon

I am a mortgage broker in Surrey, BC and specialize in residential, commercial, refinance and private mortgages. I joined Axis Mortgage Corp in 2016 after working in the banking industry for over a decade. When I entered the brokerage, I was the only female mortgage broker, but I have worked my way up in the industry by providing my clients with the best options when it comes to mortgage financing.

My office is located in the heart of Surrey in the Payal Business Centre which is one of the most upcoming business hubs. Though I am based in Surrey, I work with clients from all across Metro Vancouver.

My primary focus is to provide financing options to my clients that are the best suited for their requirements. Male brokers dominate the industry, but with my hard work and dedication towards my clientele and work, I am hoping to bring a change where all male and female brokers have the same contribution to the industry.

The Mortgages By Neetu Dhillon Difference

I specialize in providing residential, commercial, private, refinances and equity takeout mortgages. I believe in providing an overall service to clients financial needs. My goal is to educate clients on the best options available. My primary strengths are my focus on my clients. I provide one on one service to each of my clients and pride myself on finding the best rate and service for them. This aspect sets me apart from the rest of my competitors.

Being a mortgage broker, helping clients become homeowners is the proudest feeling and makes me love my job every day. My job starts the minute I get the call from the client when they are shopping for best rates for their mortgage. I negotiate with the lenders to get my clients the rate that the bank internally would only provide to their VIP clients which are measured by the products the client has with the bank.

What makes me second to none is that I treat all my clients as VIPs and to ensure that they get that VIP rate and service. To make the mortgage application process smooth and simple for my client, I do the shopping around and negotiation on their part.

My dream for the future is to continue being a mentor to those that could use my services to enhance their financial future. If the client is not able to get a mortgage at the moment due to credit issues, I take it upon myself to work closely with the client on their current credit issue and set their short and long-term financial goals.

As an individual, I take great pride in having not only reached my goals but exceeding them. In the past year, I have worked with a host of first time home buyers which has given me an incredible amount of professional satisfaction.

Mortgages By Neetu Dhillon has been under The Mortgage Centre franchise for less than two years and already last year, we were ranked the number three firm in the BC which is a huge accomplishment for a small brokerage. We were previously ranked number one under Centum franchise.

To learn more about all that I do at Mortgages By Neetu Dhillon, please click here. If you have any questions about how I can help you, I’d love to hear from you. Please contact me here.

I look forward to sharing my story. I hope that you will enjoy getting to know me better.

After working in the banking industry for over a decade, I wanted to provide more options to my clients who were not able to fit the bank's criteria for purchasing a home. As I was unable to do this from the bank, I decided to leave and venture out into the brokerage space, so I could provide more alternatives to clients who were self-employed, had bruised credit, newcomers to Canada and first time home buyers.

When I started out, my business was set against the backdrop of banks traditionally being the only option available to clients and monoline lenders. But now, over the twelve years that I’ve been in business, I’ve noticed that with changing times and more complexity to the mortgage rules, there are a variety of options available to clients with more monoline lenders available to meet the different needs of the business.

As an individual, I believe what sets me apart from the others is my accountability, transparency, and integrity. My business philosophy is to help, educate and guide all my existing and future clients with the right options. Buying a home is the most rewarding thing and getting a mortgage is one of the biggest debts you can carry, so my duty is to make the financing part as stress-free as possible.

I’ve enjoyed helping my clients become homeowners. The most rewarding part is that all my clients have become good friends and still stay in touch. I attribute my success to them, and their trust in me for handling the biggest purchase of their life. My most satisfying moment is to see young Canadians become homeowners. It is so fulfilling to see the young generation working hard and setting financial and personal goals in life and become homeowners at a young age.

When I am not at work, I love to spend time with my most favorite person in the world, my five-year-old son.

I also strongly believe in giving to the community we live in. Homelessness is an issue close to my heart and lot of people depend on our local food bank - the Surrey Food Bank. My family and I are passionate about supporting the food bank.

I have enjoyed sharing my story about the things which matter to me and how they influence the way I do business.

If you or someone you know could benefit from our expertise in mortgage services, I invite you to get in touch. Please visit our website at http://www.neetudhillonmortgageadvisor.com.

Sincerely,

Neetu

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For any enquiries and feedback, please write to us at dhillon_n@mortgagecentre.com or call us at (604) 780-0458.

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