Why Should You Use a Mortgage Broker?

We'll get more wordy in a minute, but in a nutshell - We save you money!

A mortgage broker or mortgage associate, is a licensed professional who is trained to provide you with the best advice to suit your mortgage needs, not only for your current situation, but also for your future financial needs.

In addition to knowing where to find the best mortgage rates and how best to present your financial situation to a lender in order to get them, a good mortgage professional uses their knowledge and experience to go to the next level by:

• finding ways to save you money long-term;
• understanding many different lender programs and the requirements of each;
• buidling relationships with lenders, both traditional and private, to get you the best mortgage product out there;
• having a knowledge of not just mortgage financing, but also general lending practices, (e.g. banking, car loans, credit companies, etc.) so that they may be able to help you with other credit issues that affect mortgage financing
• thinking of creative ways to help you manage your entire financial picture

As mortgage brokers/associates, we are not limited to one mortgage product. We can offer you mortgage and financing options from over 40 lenders, from the major banks, to private lenders. We can also help you rebuild your damaged credit. We continue to help you long after your mortgage deal has closed, to ensure you are on a good home mortgage plan long-term.

We shop your mortgage to many lenders and find you the best rate, terms, and situation that is tailored to you. We have no affiliation with any one lender and work to ensure your needs are met.

Who Pays a Mortgage Broker?

Mortgage brokers and associates are paid by the lender(s). They are not employees of any bank or lending institution, but are paid on a referral basis by them. In some cases, a broker may charge you a fee if your file is particularly difficult; however, you will be told about any fees at the outset of your file and have the choice to not proceed.

How Do Mortgage Brokers Get Such Good Rates?

Lending institutions offer special, discounted rates to brokers. Brokers save the lenders both time and money by doing all the legwork and paperwork for them. Once a lender receives an application, the broker has already pre-screened the client and only sends files that fit that lender's specifications.

Often times a person can obtain broker type rates at their local bank; however, the time and red tape is usually prohibitive. Your local bank does not always have the inclination, nor authority at the branch level to offer broker type rates.