There are many benefits to using a mortgage broker to obtain a mortgage or loan. Perhaps your offer on a home was accepted, or your mortgage has come up for renewal and you can refinance for a better rate. Maybe you would like some extra funds for a home renovation. Your next step is finding the right financing for your unique situation. You have three options, a traditional financial institution or bank, a mortgage broker, and a private lender. If the bank offers you a mortgage or loan, you are most likely in great credit standing. This is because the bank does not offer funds to high-risk customers. But regardless of whether your credit is less than perfect, you should still shop around for a mortgage or loan. Here are 7 reasons why you should use a mortgage broker.
6 Reasons to Use a Mortgage Broker
- Mortgage Brokers find terms that fit your unique needs. An example is whether you can pre-pay or pay off prior to your term ending. Your options should fit your circumstances and a mortgage broker takes these situations into consideration when finding you the perfect mortgage or loan.
- Mortgage Brokers work for their clients, helping you find the best mortgage option. They provide a neutral platform and pick lenders that fit your financial situation. Bank representatives work for the bank, therefore don’t have your best interests in mind.
- Mortgage brokers can access lenders that deal exclusively with mortgage brokers, like a private lender or monoline lender. You lose these opportunities by working with traditional financial institutions.
- Working with a mortgage broker saves time and money and protects your credit score. It not only takes time to apply to multiple lenders but each application is a hard credit check on your overall score. Too many credit checks in a short time span can lower your credit score. A mortgage broker usually only needs to pull your credit score once.
- Your broker is an unbiased negotiator working on your behalf to get a better mortgage rate for you. Your local bank will never be able to match or beat the interest rate a mortgage broker can offer and you can save thousands of dollars in interest savings.
- A mortgage broker’s fee is usually paid directly by the lender. You may need to pay a fee if the lender who refuses to pay broker fees, but your broker will notify you in advance.
Get peace of mind working with a mortgage broker. You have someone working for YOU! Contact me today to see if I can find the proper match for you. Whether it’s a mortgage or loan you are looking for, rest assured I can find a lender that will match your needs. I have over 200 lenders in Canada and 50 in the US in my database. Looking forward to hearing from you.