WHY USE A MORTGAGE BROKER?
Many believe the only place to obtain a mortgage is with a bank, but this is simply not true. A professional mortgage broker can furnish you with a variety of mortgage options, and can help ensure you get the best deal available.
Why go through the process alone? A professional mortgage broker's job is to represent you. By working on your behalf a professional mortgage broker will identify the lowest possible interest rates. Using a mortgage broker can save you a lot of time and money.
WHAT DOES A MORTGAGE BROKER DO?
Mortgage brokers are tied into a network of lenders including banks. When researching the market a mortgage broker will investigate dozens or even hundreds of lenders before presenting you with options.
In simple terms the mortgage broker works for you. You hire a broker and the broker will look for the best terms and interest rates. Once the best deal is identified the broker will help you finish the process of obtaining the mortgage. Some people think mortgage brokers lend money, but in reality they act as a liaison or intermediary between lenders and borrowers.
A professional mortgage broker is always in tune with market conditions. A good broker will find out what your needs are, and will match you with the right lender.
ADVANTAGES OF HIRING A MORTGAGE BROKER
The following are a few additional benefits to working with a mortgage broker:
- A professional mortgage broker will assemble all of the documents required. This can include credit reports, asset disclosures, and property appraisals.
- The lender will then receive the documents from your broker to manage the mortgage approval and disbursement.
- Brokers are replete with knowledge and information and are determined to help their clients. They are around to help before the deal, and are available to answer and question you might have during the pre-approval process.
- If you have less than 20% saved for a down payment, a mortgage broker can still help you find a competitive mortgage rate.
- If your credit isn’t flawless, a broker can even locate bad credit mortgage rates.
- Though it is not a requirement of Canadian mortgage brokers, they may be able to provide a client with credit counselling. Mortgage brokers are extremely knowledgeable when it comes to financing – don't be afraid to ask for their advice!
Canadian mortgage brokers can save you time and money when hunting for the perfect mortgage. For more information contact one of our mortgage brokers today!