Making Your Mortgage Needs Happen!
The Mortgage Broker Advantage
January 25, 2022 | Posted by: Charlene Hinds
Increasingly, Canadians are turning to mortgage brokers for their first and next mortgage, taking advantage of the value and convenience of their services.
One of the most compelling reasons to work with a mortgage broker is choice - access to a wide range of lending sources, making it significantly easier to get a mortgage that best suits your needs. When you’re dealing directly with one financial institution, you just don’t know if you’re getting the best deal because they’ve only got their own menu of products to offer you.
If you are dealing with one of the largest mortgage brokerages in the country, you’ll also enjoy considerable bargaining power. A large brokerage has clout with lenders to negotiate volume discounts and limited time specials. Brokers are generally paid by the lender rather than the borrower, making it a logical choice to always consult with a mortgage broker. Your mortgage broker will shop the market for the best rate and product, doing all the work, and there’s no cost to you (oac).
While securing your financing, your broker will be with you every step of the way, to answer all your questions, outline your best options, and efficiently guide you through the process. Everything relating to your mortgage can be managed around your busy schedule. Your broker will also stay in touch with you after your mortgage closes, keeping you apprised of new mortgage rules, money saving opportunities, and advising when you might want to take action, for instance locking in your variable-rate mortgage.
Ultimately, the role of your mortgage broker is that of a trusted advisor and it’s a relationship that can last a lifetime. Many mortgage brokerage clients have been referred by word of mouth, and many are even second- and third generation client families.
Whether you’re taking on your first mortgage or a long-time homeowner looking to refinance, consolidate debt or leverage your equity to acquire a new property, a mortgage broker is a wealth of information. You’ll get advice about down payment requirements, mitigating credit history issues, mortgage payment and prepayment options, interest-saving strategies, and more. Brokers also specialize in all types of situations - purchasing vacation, investment and commercial properties, self employed mortgages, reverse mortgages, and mortgage options for new Canadians.
When you get a mortgage, likely the biggest financial commitment you’ll make in a lifetime, it’s critical that the person you’re dealing with is knowledgeable and experienced, and has access to a full range of lenders so you get the best mortgage for your needs.