When it comes to purchasing a home, there are a lot of players in the game. From appraisers to lenders, real estate agents to lawyers, it can seem a little crowded. For many new homeowners, it can be overwhelming, so why add a mortgage broker to the mix? Will it really make that much of a difference?
A mortgage broker is the intermediary between the homeowner and the mortgage lender. They can offer services that prepare your loan application, financial documents, and issue mortgage pre-approvals in the same way that a lender could. A broker will work with several lenders and banks.
One of the most attractive benefits of using a mortgage broker is that they get paid by the lender, not by you. You’ve already got enough financial responsibility to worry about without having to pay someone else. On top of this, the Bank of Canada published a report noted that borrowers who use a mortgage broker generally pay lower rates than those who go straight to the bank.
Loan officers work for one lender, so they will always recommend their employer whether or not that is the best decision for you. Mortgage brokers, on the other hand, are financial experts that work on your behalf. They have access to hundreds of lenders to ensure you get the mortgage that is customized to your needs. Cookie cutter solutions just won’t cut it when it comes to your mortgage. A mortgage broker will help you consider all of your options.
Home buyers that try their luck at the bank will either need to accept potentially unfavourable conditions or will have to start the entire process over from scratch if they are rejected. A broker will present the deal in your best interests to several different banks at once. Whether you’re new to buying a home or you’re just ready to try something different this time around, give our mortgage experts a call today to experience the broker difference for yourself!
Source was absolutely great to work with - went above and beyond to help us get everything done when buying our new home. Highly recommended!! Chad and Jenelle Richards Jan 09 2013
Chad and Jenelle Richards
Added January 23rd 2013
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