For many people looking to purchase a home for the first time, there is often a lot of questions around "where do I start?". Many have no idea what a Mortgage Broker does exactly, and prefer to just go into their local bank. The problem with this is that their local bank has only one product to offer, their own. As Mortgage Brokers, we have access to dozens of lenders so that we can shop around for you in order to find the best possible product to suit you. Most often at no cost to you. Here are 10 short reasons why it's in your best interest to speak to a Mortgage Broker
There is no cost to you on typical mortgage transactions. Lenders pay us a fee for creating a relationship between you and them. Do some lenders pay us more? Lenders finders fees are quite standard industry wide. This ensures the integrity of our profession and allows us to focus on your best interest.
Available and Accessible
We don’t close our doors and go home at 4pm. We are available when you need us, evenings and weekends included. No car? We’ll come to you. Prefer to say at home? Everything can be done over the phone or online.
One Stop Shop
Shopping around at several banks can be time consuming and inefficient.Your mortgage broker works directly with dozens of lenders offering you choice while saving you time. We negotiate on your behalf, so you have more time for the important things.
Preserve Your Credit Rating
Rate shopping on your own can actually be damaging to your credit rating. Every time a lender checks your credit, the credit bureaus are notified, effectively weakening your credit, which could in turn weaken your mortgage application. Your mortgage broker does only one credit check, and
then still has access to several lenders and banks.
Educated Industry Professionals
If you walk into your local bank, you will be speaking with a “mortgage specialist” for that branch. They are a salaried bank employee paid to sell their product. It is possible that they could have been working as a teller the week before. Mortgage brokers are licensed and educated. They are required to complete the Mortgage Brokerage in British Columbia course and pass a written exam before being licensed with the Financial Institutions Commission (FICOM).
We Work For You, Not a Bank
This fact ensures independent advice and objectivity. If you walk into a
bank they have one product to offer you, their own. Mortgage brokers are not committed to any one lender. We work with many lenders and banks in order to fit your mortgage to you, not the other way around.
Lenders offer us their best rates automatically. There is no bartering or shopping around necessary, the work is done for you. We have the negotiating power to find the best rates to suit your needs, potentially saving you thousands of dollars. More choice means more competitive rates.
We have access to a network of major lenders in Canada, so your options
are extensive. In addition to traditional lenders, we also know what’s
being offered by credit unions, trust companies, and other sources. And we
can help you take care of other requirements before your closing date.
Long Term Commitment
When your mortgage funds, our work doesn’t end there. We
keep in touch with you during your mortgage years providing ongoing
support and consultation. Wether you need advice on your current mortgage,
refinancing, or your upcoming renewal, we’re here. Our business is built
on referrals from satisfied clients, therefore a positive experience is essential to our ongoing growth.
Do you have questions about the mortgage approval process, what can you afford to buy, about refinancing your current mortgage to a better interest rate, or maybe tapping into the equity of your home for rennovations? If so, call me. I would be more than happy to answer your questions and help clarify the process.
Felix Hunter- Mortgage Broker