What Exactly is a Mortgage Broker and Why Should I Use One?
Who exactly is a mortgage broker? Why should I use the services of a mortgage broker? Most homeowners in Canada are still not quite familiar with the services that mortgage brokers offer to clients. Therefore this article seeks to lay bare all that concerns a mortgage broker.
Engaging the services of a mortgage broker offers the following benefits to homeowners:
Save time: With the help of a mortgage broker looking out for the best mortgage deals for you, it saves you the time and stress that is involved in visiting major Canadian retail banks. Once you hire their services the mortgage broker will arrange for a meeting in a place that’s convenient for you. While at this meeting you are expected to discuss your mortgage needs and he/she will thereafter handle the shopping for you. You don’t have to go through the stress of shopping for the best mortgage deal. Mortgage brokers know what’s right for you
Credit Score: In Canada, the fact still remains that credit scores are a major setback in getting mortgages. This is because applying for a mortgage usually comes with a credit inquiry from the banks you are dealing with. And it’s important to note that for multiple applications it means multiple credit inquiry which will ultimately bring about a negative effect on your credit score. Having a mortgage broker shop for you will involve making just one credit inquiry which will be sent to the bank that they dealing with.
Save Money: The popular misconception out there is that hiring a mortgage broker for your mortgage advice and shopping comes at an exorbitant cost. Whereas on the contrary, it’s even cheaper and most times even free. This is because Canadian banks ensure that mortgage brokers are paid a certain commission for bringing in customers.
Best Rates: When you think about getting the best mortgage rate from a Canadian bank, you should think about a mortgage broker. This is often the case because these mortgage brokers rely heavily on referrals from clients who are very satisfied with their services. Furthermore, banks are more likely to offer favourable interest rates to a mortgage broker who has consistently brought in customers to them.
Fast Approvals: Another wonderful reason why a mortgage broker should do mortgage biding for you is that your application will be approved within 24hours. They know the ropes better than you do!
Feel At Ease: Another important benefit of having a mortgage broker handle your mortgage dealings lies in the fact that, the agent is going to take his time to carefully explain all the terms and conditions that are attached to the deal. This action should be considered priceless especially if you are a first home buyer with little or no experience in the entire mortgage process.
In conclusion, mortgage brokers are professionals with a wealth of experience in what they do. So reach out to them and have them handle all your mortgage needs.