For many of us, buying a home is a large, sometimes daunting purchase…yet exciting all the same. But, unless your long lost uncle left you hundreds of thousands of dollars, some decisions have to be made regarding financing.
That’s where a mortgage broker comes into play. But what exactly is a mortgage broker and why should you go to one rather than just get yourself pronto to the next big bank?
Like an insurance broker finds you the best deal on insurance – a mortgage broker finds you the best mortgage deal. So rather than shopping at multiple financial institutions and negotiating with each financial institution and arm wrestling them to give you the best deal, it’s one phone call for a mortgage broker and they will do the rest for you. They are independent and can shop the entire Canadian market place for the BEST rates for your particular situation.
The mortgage employees or so called “mortgage specialists” that work for any of the banks or credit unions have access to only that specific lender’s rates, terms etc. So, by working with a mortgage broker you get the ENTIRE market opened up to you as to what is available. Nice!
Shopping around yourself for a great mortgage rate can be time consuming, never mind frustrating and that is why mortgage brokers are your best friend come purchase time! By studying the rates, the market and the competition each and every morning, they have a handle on what all lenders are offering to the public. They know which lenders offer which products in specific areas and we can quickly short list the ones that best match the client’s needs.
You will end up with the best features, rate etc. all in one stop and likely save tons of your hard earned dough. Plus let’s face it; there is peace of mind knowing you did your homework before entering into a long term contract like a mortgage.
Plus, In addition, you should expect your mortgage broker can review your mortgage a few times a year to see how you can pay it off faster, whether it’s still the right product for you, and if it’s still competitive. It’s very rare that you’re going to get that service from a bank!