Have you ever wondered why it would be a wise idea to obtain a mortgage through a Licensed Mortgage Broker rather than a bank? Well, there are many things to take into consideration while making this decision. Here are a few reasons why choosing a broker would be beneficial to you:
- A Licensed Mortgage Broker does not work for any specific lender but rather for the client and therefore can offer you the best product available on the market where as a bank specialist is limited to what their company has available
- A Licensed Mortgage Broker will use their years of experience and knowledge to negotiate the best rates and terms with different lenders, a bank specialist will try to promote their product to you, and the only negotiating of rates comes from your end
- For conventional mortgage financing, there is normally no cost to the client since the lenders pay the broker for providing the business, if there will be any charge the client is advised up front
- A Licensed Mortgage Broker will do anything possible to get the clients application approved and therefore have different ways to deal with unique situations such as immigrants, poor credit or self-employed clients
- The interest rate you receive on your mortgage does not effect the pay of the broker, a bank specialist rate of pay is generally related to the discount they offer you from the banks posted rate, making it much harder to negotiate
- When shopping around for the best mortgage product, each bank will pull a separate credit bureau on the client, thus affecting your credit score. A Licensed Mortgage Broker pulls a credit report once and can submit that same report to any number of lenders if need be
- A Licensed Mortgage Broker is generally willing to work outside of regular business hours to accommodate the clients busy schedule
- A broker has access to hundreds of lending institutions so you can rest assured knowing you will receive the best possible product on the market
These are several of the main reasons why speaking to a Licensed Mortgage Broker would be a wise decision. Call 905-265-0246 or email info@thefinancialforum.ca for more information.