Advantages of Using a Loan Broker

MORTGAGE BROKER ADVANTAGE
While a bank or credit union only offers products from their specific institution, licensed mortgage professionals work with numerous lenders to provide you with the most suited mortgages.
Each year, mortgage professionals send millions of dollars in mortgage business to Canada’s largest banks, credit unions, trust companies, and financial institutions. We encompass almost 50% of the funded mortgages each year. We work with clients having AAA credit as well as clients struggling with their finances.
Here are just some of the names we work with: TD Bank, Scotiabank, First National Financial, National Bank, Home Trust, Equitable Bank, Street Captial, and several others. Of course, we always have access to privet mortgage funds from large mortgage investment corporations.
Consumers use a Real Estate Agent/Broker to buy or sell a property, use an Insurance Agent/Broker to purchase insurance products and sometimes investments; so why use a Mortgage Agent/Broker?
Here’s why.

1. More choice. Mortgage brokers have access to a large network of lenders and as a result their clients have the best choice of rates and products. With a large network of major lenders to choose from, mortgage brokers can source your ideal mortgage options from banks, credit unions, non-traditional lenders and more.

2. Independent and objective. Mortgage brokers do not work for a specific lender. They work for you and can make an objective and impartial recommendation on financing solutions through many lenders. A mortgage broker is a trusted advisor who provides unbiased advice on your financial options.

3. Access to the best rates. Getting a lower rate can save you thousands of dollars over the life of your mortgage. We have many lenders vying for our business and as a result you are more likely to receive a lower rate. A recent Bank of Canada report stated that “Over the full sample the average impact of a mortgage broker is to reduce rates by 17.5 basis points.” That’s $1,670 of interest savings on a typical $200,000 mortgage over five years.
4. We negotiate for you. Mortgage brokers act in your best interest and do all the negotiating to secure competitive rates and terms that fit your situation.

5. Rate promotions. We have access to lenders that offer many types of promotions and sales that may be of interest to you. For example – some lenders have special rate promotions for clients that are able to close a mortgage in a shorter time frame than normal. These promotions are called quick close offers and generally offered at discounted rates. Some of these lenders are not accessible without a broker.

6. Experts in our field. Mortgage brokers are specialists providing non-biased advice and guidance on mortgage products, interest rates and current housing market conditions. Our knowledge is derived from selling only mortgage and mortgage related products. We’re not a jack of all trades, selling mortgages, insurance, credit cards, investments, loans, etc. We focus on mortgages and let our partners do the rest.

7. One stop shopping. Shopping with several lenders gets frustrating and extremely time consuming. We do this for you.

8. Preserve your credit rating. Rate-shopping on your own can actually negatively affect your credit rating. Every time a lender checks your credit, the credit bureaus take notice. Too many inquiries and your credit rating weakens, possibly affecting the rate and terms of your mortgage. Your mortgage broker does one inquiry only, regardless how many lenders you’re looking at.

9. Personal attention. We’re able to work one-on-one with each client, evaluate your needs and find a lender that best suits them. You will receive a mortgage plan that is customized for you and meets your requirements.

10. A free service. On approved credit, our mortgage services are at no cost to you. In general, the lender pays compensation to us for the service and solution provided.

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