About Mortgage Brokers
What is a mortgage broker?
Many people wonder what exactly a Mortgage Broker does and what is the value of working with a Broker.
A Mortgage Broker is a trained mortgage specialist that works for you and not any particular lender. Because of this, brokers have access to a multitude of loan products from a variety of different lenders. This enables a broker to treat clients as individuals and find products that suit their particular needs. Mortgage Brokers provide you with the best advice for your individual mortgage needs. A common misconception is that Mortgage Brokers lend money. Most brokerages are small firms providing expertise services and counseling rather than loans.
Another common question is, why do lenders prefer to work with brokers rather than deal directly with the public? Lenders prefer to work with brokers because of the significant cost savings. Working with brokers saves time and overhead. This allows the lender to free up resources to remain more competitive with products and rates. In Calgary alone, there are several local, less known lenders such as Resmor Trust, Bridgewater, MRS Trust and Gibraltar Mortgages. These lenders prefer to work with the broker community and are extremely successful by offering unique and competitive products.
What can you expect from a Mortgage Broker?
A Mortgage Broker is an independent mortgage specialist who works to match clients with mortgage products and lenders. We work with clients to determine which product and lender is right for them, gather the necessary documents and information and answer the important questions throughout the loan process. There are many details to be evaluated when shopping for a mortgage and we work on your behalf to find competitive products and solutions that meet your individual circumstances.
What are the advantages of using a mortgage broker?
- Mortgage brokers work for the borrower and not the bank; therefore they are not restricted to only the products a bank may offer.
- Mortgage brokers have access to over 75 different lenders, banks, trust companies, investors, private lenders and financial institutions across Canada.
- They are experts at matching you with the best-suited mortgage.
- Mortgage brokers can get you credit and loan pre-approvals quickly with no cost or obligation.
- Mortgage brokers are up-to-date on all the mortgage rates, terms and re-payment options available on the Canadian market.
- They only specialize in mortgages and are knowledgeable on current trends.
- Mortgage brokers can lock in today’s lowest rate and guaranteed it up to 120 days if a rate should go up.
- Mortgage brokers only pull your credit history once, whereas every bank you visit will pull your credit history at least once, which has a negative effect on your credit score.
- Mortgage brokers increase competition in the market place, thus keeping mortgage rates low.
- Mortgage brokers save you time and money.
- Brokers have a vested interest in satisfying your needs since they rely on referrals and repeat business for 90% of their revenue.
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