Reasons to Use a Mortgage Broker

First-time Home Buyer Knowledge Base

When you understand what a mortgage broker is and what a mortgage broker does for you, you’ll begin to understand the reasons for why you should use a mortgage broker.

What is a Mortgage Broker?

A mortgage broker is an independently trained professional who must secure a license to work as a mortgage broker. Mortgage broker’s training enables him or her to give you the best advice for your unique mortgage means.

Benefits of Working with a Mortgage Broker

Better Representation

A mortgage broker represents you, not the lender. The mortgage broker’s job is to seek the best mortgage package possible for your situation. This is what drives a mortgage broker’s business— finding clients mortgage products that suit their needs.

A mortgage broker is also a skilled negotiator. He or she focuses on more than just the interest rate. That’s only a small part of the total service.

More Options

A realtor is an expert at helping you locate the right house. A mortgage broker is an expert at helping you find the right mortgage financing. Unlike someone who works in a bank mortgage department, a mortgage broker works with multiple sources of financial funding. Banks and credit unions aren’t the only ones who lend money for mortgages. Insurance companies, trust companies, finance companies and pension funds are all interested in the mortgage market. These companies are all private investors.

Never have so many options and features been available to Canadians. Mortgage broker takes the mystery out of all of these different options. It can be intimidating trying to understand the difference between different terms, interest rates and payment schedules. Should you choose a longer or shorter amortization for your mortgage? Is fixed rate interest better or variable rate interest?

A mortgage broker will be able to find different loans that offer you more choices. As you consider your options, your mortgage broker will be able to explain the financial impact of each option.

Better Rates

In addition to all of this, mortgage brokers are also able to get you the best mortgage rates. How are they able to do this? They are in daily contact with lenders. They know what packages the lenders are offering. They understand which lenders prefer which types of loans, so it’s easier to go straight for the best fit for your needs.

As lender mortgage portfolios shift, a mortgage broker stays on top of lender preferences. When a broker sees a new opportunity, he or she moves in quickly to secure the best rates possible at the time.

When you consider all of these benefits, it only makes sense to go first to a mortgage broker. In fact, you may even get a better deal if you use a mortgage broker to represent you to your own bank.

It doesn’t matter whether you are looking for residential mortgage or a commercial property mortgage, a broker can find you the best in personal and business loans.

The choice is logical. Contact us today!