Applying for a mortgage is necessary when buying a home. Many homeowners quickly settle for the first lender their real estate agent recommends, which doesn’t always guarantee the best rates or loan terms. 

Although such options save you the legwork, shopping around for lenders before signing that loan contract is important. You may find that some lenders have lower interest rates or terms and conditions than others. 

However; let’s face it, few homeowners have the time to compare multiple lenders. That’s why you need a Lethbridge mortgage broker like MortgagesToGo.ca.  We’ll do the legwork for you and ensure you get the best mortgage terms possible. 

Who is a Mortgage Broker?

A mortgage broker is a third-party or intermediary between the financial institution or lender offering financing and the home buyer needing financing. 

Our mortgage professionals assess your financial needs and compare them with mortgage products and interest rates from different lenders to help you find a suitable lender.

Mortgage brokers have relationships with different lenders, which makes it easy to find one who matches your needs. 

Once we find a few mortgage options, we share the offers with the home buyer to help them choose the best fit. We’ll also explain their differences and help you understand the cost of signing with each lender.

Why Do You Need a Lethbridge Mortgage Broker?

If you’re still wondering why you need a Lethbridge mortgage broker, these five points may give you a better understanding:

Eases the Mortgage Application Process

The mortgage application process can be tedious, especially if you have credit issues. A Lethbridge mortgage broker will help you understand the documents required for the application process and how factors like your credit score impact your eligibility. 

They also collect and verify the required paperwork for the loan application process to ease the mortgage application process.

Access to Different Lenders

Mortgage brokers work with different lenders, granting you access to multiple mortgage options. This means you can compare mortgage rates, terms, and conditions without doing the legwork. 

In addition, a Lethbridge mortgage broker evaluates the client’s income, and credit score, among other factors, to ensure they send out applications most likely to get approved.

Ability to Negotiate Better Terms

Lenders often add a long list of fees when applying for a mortgage. The fees may include origination fees, application fees, credit check fees, underwriting fees, and more. Since mortgage brokers understand these fees, they know when to ask the lender to waive some. 

Oftentimes the lender is willing to waive certain fees, which you may have yet to achieve if you asked on your own. Remember, our Lethbridge mortgage brokers at MortgagesToGo.ca can leverage the relationship we have created with the lender over a long period.

Have Your Interests at Heart

Our broker’s primary objective is to connect you with the right lender, but we also have your interests at heart. That’s why we will help you arrange other aspects like payment protection, life insurance, and income insurance, which you might not realize are important.

If you live in Lethbridge and the surrounding areas and want to apply for a mortgage, contact our Lethbridge mortgage brokers today through MortgagesToGo.ca.