Lifestyles

Of Prime Interest: Benefits to working with a mortgage broker

For many people, mortgage payments are their single largest expense.

When they go into their local bank and fill out the mortgage paperwork they believe they are receiving the best deal, but is it the best deal for you, or the bank?

There are so many options available today, that this strategy just doesn’t make sense anymore

At the bank you are only shown that bank’s products, as well as being up-sold with credit cards, mutual funds, life insurance, and so on.

Through education and a desire to obtain the most suitable mortgage, more people are working with mortgage brokers.

Here are seven ways a mortgage broker can help:

1. Access to competitive rates.

As a mortgage specialist, we deal with the major banks and non-bank lenders that specialize in mortgage lending. With all the options available through our resources you can be assured you will receive the most competitive rate to match your individual needs, credit and financial situation.

2. A free service.

Mortgage brokers’ services are available at no cost to consumers. Brokers are paid by the lender based on the dollar amount of the mortgage, not by the rate.

3. Knowledgeable advice.

Brokers offer consultative service, advice and solutions that are customized to each client’s needs. Mortgage brokers will also work with their clients on credit issues to improve their ability to obtain financing.  And, unlike banks, brokers work for you.

4. Speed and convenience.

Brokers will work around a client’s schedule to make the transaction as easy and convenient as possible. You are not forced into making a special visit to the bank just to have questions answered or to be up-sold with other unwanted products.

5. Pre-qualification.

Whether you’re shopping for a new home or refinancing your existing mortgage, a broker can help you obtain a pre-approved mortgage, often with up to a 120-day interest rate guarantee.

6. Preserved credit rating.

When you shop for a mortgage, there is an accumulation of lender inquiries on your credit bureau report, possibly affecting your credit rating and, ultimately, the rate and terms of your mortgage. This isn’t the case with a mortgage broker; only one inquiry can get many competing lenders to quote on your business.

7. Peace of Mind.

Brokers are licensed and governed by the provincial government and the Canadian Association of Accredited Mortgage Professionals has a stringent Code of Ethics that members are required to adhere to in order to retain membership.

Today’s borrowers realize that using the services of a mortgage broker will not only save them time and aggravation, but in most cases a substantial amount of money throughout the term of their mortgage.

For more information contact us today. We welcome your questions.

 

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