Firstly, a mortgage broker is an independent agent who represents a number of banks that are able to fund mortgages. Mortgage Brokers are educated professionals that have licenses. These licenses are regulated by government agencies across Canada, with the exception of Alberta. Alberta’s regulations fall under the non-government agency, Real Estate Council of Alberta.
Now that you know these agents are qualified, educated, professionals, how can they help you?
Rather than spending your time visiting or calling multiple financial institutions to negotiate the best rate, a mortgage broker will happily do this on your behalf. Letting a mortgage broker do the legwork will also save you from running multiple credit inquiries, which negatively affects your credit score. Lastly, a mortgage broker can usually have your mortgage approved within 24 hours with the best interest rates.
Benefit from the expertise of a professional mortgage broker at the expense of the bank where your mortgage will be placed. A broker does not work for a fee, however in most instances brokers are paid by the lender (Bank) that the client ultimately takes his/her mortgage with.
Mortgage brokers know the lenders in the market. As a result, they are able to negotiate the best rate on your behalf. Lenders provide brokers with reduced rates that you would not be offered even as the banks best customer. Brokers often receive volume discounts, which they in turn pass on to their clients. Because independent mortgage brokers rely on repeat business and referrals they are always keen to ensure they present their clients with the best rates possible.
Mortgage brokers are able to consider your individual situation and identify the lenders and products that would best fit your needs. Mortgage brokers are then able to present you with the viable mortgage options by relaying the benefits and differences of each. Understanding your needs in relation to the mortgage options available allows the mortgage broker to present best suited options to your situation. This ensures that you, the consumer, are able to make an informed decision about your mortgage choice.
Mortgage Brokers provide unbiased mortgage industry information. Using a mortgage broker means you do not need to choose between a broker and a bank. Mortgage brokers ensure their clients partner with the best bank with the best rate and mortgage product for their individual needs.
Not Convinced? Here is more info on why you should use a broker. CLICK HERE