Buying a home can be a difficult, time-consuming, and stressful process, especially for first-time homebuyers, who may have little knowledge of how to find the best home for them and, more importantly, how to obtain the best mortgage for their financial profile and lifestyle.
The first option to seek financing for most prospective homebuyers is their bank. However, other options are available with the assistance and expertise of mortgage brokers. Independent mortgage brokers are licensed professionals who work on behalf of home buyers, negotiating the best interest rate and securing the best mortgage product for their needs.
Here are some reasons why you should consider working with a mortgage broker instead of a bank:
Expertise in the Market
One of the most significant advantages of working with a mortgage broker is their valuable home buying or refinancing expertise. Mortgage brokers have a wealth of industry experience to draw on when providing mortgage solutions to their clients. They also understand the current housing and lending markets, the types of mortgage loans that may be most suitable for specific borrowers, and their unique circumstances. This knowledge can be highly beneficial in obtaining the best loan for the long term.
Saves You Money
A mortgage broker will search the available mortgages on your behalf and find the best deals. This isn’t just about finding the best mortgage rates today, the cheapest tracker mortgage, or the best fixed-rate mortgage. An expert mortgage broker can look beyond the mortgage interest rates to consider all the other fees that will be charged. Because what appears to be low-cost mortgages to you may not be so when all prices and conditions are considered.
Availability of Multiple Loan Options
Mortgage brokers typically have access to a lender panel. This means they can offer you a choice of between 1,000 and 2,000 product options from various lenders. As a result, the range of products available to you is far greater than any single lender will have if you go directly to a lender for your home loan.
Can Help Your Credit Score
If you have a bad credit score, it can be difficult for you to get approval for the mortgage, but if you hire or consult with a mortgage broker, he may help you or offer you many options to get it. Additionally, a mortgage broker can also help you improve your credit score.
A Broker May Save You Legwork
Mortgage brokers regularly interact with many lenders, some of whom you may be unaware of. They can also steer you away from lenders with onerous payment terms hidden in their mortgage contracts. However, before meeting with a broker, you should conduct your research.
Searching rates online is a quick way to get information about the average rates available for the type of mortgage you’re applying for. Then, to calculate loan details, use an online mortgage calculator. These tools allow you to compare rates easily and provide additional information when evaluating the credibility of a mortgage broker.
Let’s Simplify Your Mortgage Today
If you are looking for a headache-free mortgage process or need help getting approved for your mortgage loan, contact me at +1 604 294 2411 or via email [email protected].With over 30 years of experience in the financial industry, I have helped dozens of Canadians with getting the mortgage terms they deserve.