What is a Mortgage Broker?
If you think that the only way to secure a mortgage is to make an appointment with a lender at your bank, think again! Canadian home buyers don't have to rely on a bank to provide them with a mortgage rate, and nor should they.
If you're looking for the lowest mortgage rates around, (and let's face it, we all are!) think past the bank and focus your attention on a mortgage broker.
Why use a mortgage broker? The answer is simple: a Canadian Mortgage Broker is a professional trained to represent you, the borrower, in obtaining financing from the best possible lending source.
Choosing the wrong mortgage can cost you thousands of dollars, so don't just jump on the first rate presented by your bank. Let a professional mortgage broker crunch some numbers on their mortgage calculator and provide you with an unbeatable offer.
Mortgage broker definition
A mortgage broker is a professional who is paid a fee to bring together lenders and borrowers in order to review available rates and scout out great mortgage opportunities.
A Canadian mortgage broker usually works with dozens or even hundreds of lenders in order to find the best possible mortgage fit for their home buyer clients. A mortgage broker doesn't lend money. Instead, the broker acts as a liaison between the borrowers and lenders in order to find the perfect match.
Why use a mortgage broker?
Your time is precious and having to shop around for your own mortgage rate from bank to bank is a time consuming task. A Canadian mortgage broker is constantly reviewing interest rates and mortgage products – that's their job! A professional mortgage broker will check rates from chartered banks, trust companies, credit unions, and private funds in order to locate the best lender package to suit your specific situation. Why us a mortgage broker? Because they can help you save time and money, and we could all use a little more of both these days!
The benefits of working with a mortgage broker
Still not sure why you should use a mortgage broker? The following are just a few of the reasons working with a mortgage broker is beneficial to home buyers:
1) A mortgage broker will gather all of the necessary documents, including, but not limited to, credit reports, employment verifications, asset disclosures, and property appraisals.
2) He or she will also submit all of the information to the lender who will handle the mortgage approval and disbursement.
3) A professional mortgage broker offers assistance before the mortgage process is completed and will be happy to answer any questions that the borrower may have about the borrowing procedure.
4) Mortgage brokers can help people who have less than a 20% down payment find a competitive mortgage rate. You may need as 1% down with a Cash Back Mortgage.
5) A professional mortgage broker can find bad credit mortgage rates for people with less-than-perfect credit scores.
6) While it isn't part of the mortgage broker definition, a professional broker may also provide basic credit counselling in an attempt to assist borrowers with correcting credit issues, as well as provide priceless mortgage planning tips to first time home buyers.
Canadian mortgage brokers have the knowledge and experience you need to find the best possible mortgage rates and terms. Start your mortgage search today with help from one of FamilyLending.ca's mortgage brokers. Check out our free online mortgage calculators before beginning the pre-approval process.
