5 Reasons a Mortgage Broker Is Your Best Choice
So it seems that there are still Canadian consumers who have reservations or misunderstandings about why a mortgage broker is their best choice. Time to take a quick look at 5 reasons you should use a broker.
1. Almost always free to use. 41% of consumers polled seem to have the misconception that they are the ones paying somehow for the mortgage broker’s services. Here are a few things you should know:
- Bank branch reps and mobile specialists are paid bonuses for being able to get you to sign at a higher rate. It’s true. Ask them.
- The banks and broker lenders avoid the costs of having another in house employee with benefits and all that when they go through a mortgage broker who pay all those cost themselves.
- A mortgage broker will only charge a fee on an alternative deal where the client has blemished credit or on a commercial deal and in both cases the amounts are very upfront and are agreed to ahead of time.
3. Choices! A mortgage broker is exactly like an insurance broker. We have access to a large number of lenders so if your application does not quite fit with one bank we have many others we can try it through. It is our job to know that you are getting the best mortgage and rate for your situation. Often we can even get better rates for you at your own bank given the very high volume we do with them.
4. Avoiding nasty pitfalls. Do you know how your bank calculates the penalty on the mortgage? Do they use posted to discounted rates? Are you getting put into a collateral mortgage? That’s OK if you have no idea what any of that means. We know. It’s our job and that can save you a ton of money down the road.
5. Convenient. Mortgage brokers pride themselves on their exemplary service. We can work with you remotely or face to face. We use the latest technology to make things as easy as possible for our clients.
So there you have it. We are free to use, full of professional advice, offer wide variety of choices, help you avoid pitfalls and we are convenient too! Oh, and did we mention that just over 50% of first time home buyers use mortgage brokers these days? Come find out why. You’ll be so glad you did.