Top 5 Reasons to use a Mortgage Broker in Canada
1) Mortgage brokers have access to more lenders than you do
What are the top reasons to use a mortgage broker? A mortgage broker is a professional who intermediates between borrowers and lenders and can get you the best interest rates for your real estate. In other words, you go to the broker, and they help you secure financing from one of their trusted financial institution lending partners.
Mortgage brokers have access to more lenders than the average person and only work for you as they are paid by the lender. Each mortgage broker is partnered with different banks, credit unions, and private institutions, meaning they can offer you a wider range of products that fit your individual needs.
This is important because not all mortgages are created equal. Some have higher interest rates, some have lower interest rates. Some have longer terms, some have shorter terms. And importantly, some products will be a better fit for your unique financial situation than others will be.
By working with MortgagesToGo.ca we can pair you with the right product from the right lender, ensuring that you get the best possible deal on your mortgage and we are on your side to help you with the application process.
2) Mortgage Brokers can Save you Time
Mortgage brokers can save you time and hassle by shopping around for the best mortgage rate on your behalf. They have access to a wide variety of lenders and can often get you a better rate than you could get on your own.
Brokers are also experts in the mortgage process and can help you navigate the paperwork and ensure that everything is in order. This can save you a lot of stress, especially if you’re a first-time home buyer.
Other mortgage broker benefits include getting unbiased advice and options that are suitable for your needs. Brokers are required by law to have your best interests in mind, so you can be confident that they’re not just trying to sell you a product.
3) Mortgage Brokers can help you get the Best Mortgage Rate
A mortgage broker is a professional who helps you find the best mortgage product for your needs at the best possible rate. Here are the top 5 reasons why working with a broker is a great idea in Canada:
1. They have access to a wide range of lenders and products
2. They can negotiate on your behalf and a broker offers a more personal experience vs a bank
3. They are experts in the mortgage industry
4. They are independent and impartial
5. They are free to use – you pay nothing upfront
4) Mortgage Brokers Help you with Paperwork
One of the biggest hurdles, when you’re buying a home, is the paperwork. A good mortgage broker will be able to help you with the paperwork, and they’ll also be able to explain it in plain language so that you understand what you’re signing. They can also help you to negotiate with the lender to get a better deal.
Mortgage brokers have access to a wide range of individual lenders
When you go to a bank for a mortgage, they’ll only offer you their own products. But when you go to a mortgage broker, they have access to products from a wide range of lenders, these lenders work well with mortgage brokers and have for years. This gives you more choice and more power to negotiate for a better rate.
Mortgage brokers are experts in the field
By working with a mortgage broker who is an expert in the field, they keep you informed of the latest changes and developments. This means that they can offer you expert advice on which products are right for your needs.
You don’t have to pay a mortgage broker
Contrary to what some people think, you don’t have to pay a mortgage broker. The lender pays the broker a commission when the loan is approved, and this doesn’t cost you anything extra.
A mortgage broker can save you time and money
A good mortgage broker will save you time and money by doing all the legwork for you. They’ll shop around for the best rates and deals, and they’ll also handle all the negotiations on your behalf.
5) Mortgage Brokers can advise you on the Best Mortgage Products
If you’re not sure which type of mortgage is right for you, a mortgage broker can help. A good broker will ask about your finances and your goals, and then give you mortgage options that fit your needs. They can also tell you which lenders are likely to approve your mortgage application.
Not all mortgages are created equal, and a good broker will make sure you get the mortgage that best suits your needs. For example, if you have a good credit score, a broker can help you find a lender who will give you a lower interest rate. Or, if you’re self-employed, a broker can find lenders who are more likely to approve your mortgage application than if you were applying on your own.
