10 Great Reasons to Use a Mortgage Broker
1) Get independent advice on your financial options.
An independent mortgage broker or agent is not tied to any one lender or range of products. Their goal is to help you successfully finance your home or property and the journey begins by getting to know you and your homeownership goals. Recommendations are made drawing from available mortgage products that match your needs and you'll arrive at a decision together based on what's right for you.
2) Save time with one-stop shopping.
It could take weeks for you to organize appointments with competing mortgage lenders - and let's be honest, you'd probably rather spend that time house hunting! By working directly with dozens of lenders and narrowing down a list of those that suit you best, a mortgage broker makes comparison-shopping fast, easy and convenient. And with just one application and a single inquiry on your credit bureau record, your "credit score" isn't downgraded by having numerous lenders making the same inquiry over and over again.
3) Have someone negotiate on your behalf.
Many people are uncertain or uncomfortable negotiating mortgages directly with their bank. Brokers negotiate mortgages each and every day on behalf of Canadian home buyers. You can count on their market knowledge to secure competitive rates and terms that benefit you.
4) More choice means more competitive rates.
With direct access to a network of major lenders in Canada, your options are extensive. In addition to traditional lenders, a broker also knows what's being offered by credit unions, trust companies and other sources. There's also help available in taking care of other requirements before your closing date, such as sourcing mortgage default insurance if your downpayment is less than 20% of the purchase price.
5) Ensure that you're getting the best rates and terms.
Even if you've already been pre-approved for a mortgage by your bank or another financial institution, you're not obliged to stop shopping! It's not too late to work with a broker to investigate alternatives to better suit your needs.
6) Get access to special deals and add-ons.
Many financial institutions would love to have you as a client, which is why they often offer incentives to attract credit-worthy customers. These can include retail points programs, discounts on appliances, shopping clubs and more. Your mortgage broker "does the math" on which offers might be worth your attention when it comes to financing or mortgage insurance - so you get the perks you deserve.
7) Things move quickly!
The job isn't done until your closing date goes smoothly. Your broker helps ensure your mortgage transaction takes place on time and to your satisfaction.
8) Get expert advice.
When it comes to mortgages, rates and the housing market, you'll hear it in plain language from a mortgage broker who will explain the various mortgage terms and conditions so you can choose confidently.
9) No cost to you.
There's absolutely no charge for these services on typical residential mortgage transactions. How does a broker afford to do that ? Like many other professional services such as insurance, mortgage brokers are paid a finder's fee by introducing trustworthy, dependable customers to a financial institution. These fees are quite standard and nearly industry-wide so that the focus remains on you, the customer.
10) Ongoing support and consultation.
Even once your mortgage is signed and paperwork is complete, your mortgage broker is there if you need and advice on closing details or even future referral needs. They are happy to be of assistance when you need it.
Marshall Spencer AMP
Mortgage Broker (License # M08000817)
RMA-Spencer Group Mortgages (License #10655)
48 Vintage Drive, Whitby, ON L1R 2P4
905-999-0036
toll free 877-677-7778 ext 3
pinkmortgages@gmail.com
www.spencergroupmortgages.ca
www.yourmortgagematters.blogspot.com
