Mortgage Brokers vs Banks 3 Benefits to You...
 |
| Darcy Schanck Financial |
Hiring a mortgage broker over a bank is
an easy choice. When you are buying a home in Canada, you want to be very
careful when it comes to financial matters. After all, home buying is probably
the most largest single transaction that you will do in your life. You do not want
to waste your money and you want to get as much saving as well as the best options for you as you can from the sale.
Majority of home buyers usually get a
mortgage to help pay for the real estate property. They apply for the home loan
which is typically 95% or less of the sale price. Given the national average
price of homes in Canada, that amount is usually $300,000 or more. But for a
first time home buyer, the mortgage application process can be both
intimidating and confusing.
Here is where the mortgage broker can
help out. These people are licensed mortgage specialists that help buyers get
access to multiple mortgage lenders and their different rates, options and
mortgage products. They do not do the lending. They will simply connect you to
the right lender that will suit your financial and home buying requirements.
Some people will think, why not just go
straight to the banks? Here are three reasons why a broker will serve your purposes
better.
● You are not tied to one bank, or financial institution. These Mortgage professionals
are trained freelancers that work for you and are not tied down to one set of mortgage products only. They
can give you variety and options across a large number of institutions. You do not have to waste time going from one
lender to the other; They will do that legwork for you. When they come to you,
they already have the options and a recommendation on the best mortgage that
will be perfect for your specific situation "saving you time, effort and creating peace of mind."
● You get to enjoy the service of a trained
specialist. Mortgage brokers are trained specifically to help you prepare the
documents and acquire the perfect home loan. They monitor mortgage rates of
various lenders and can give you a faster option compared to going
over the different lenders yourself. They can also advise you of the best loan
to avail considering your credit report, financial situation and long term goals. Not only that, the established working
relationship that they have with different lenders and a possibility of volume
lending (if they have other clients), will land you a lower interest rate.
● You generally do not have to pay a fee for their
assistance. Probably the best reason to hire them is you do not need to pay for
the assistance that you will receive as they do the mortgage application legwork
for you. They get paid out of the commissions that the lender will give them
after a successful borrower-lender match. You should feel assured that their
commission will still depend on your borrowing decisions. That means their job
is to make you feel satisfied.
Of course, part of benefiting from a
mortgage broker is that they know who to trust. They are not like banks that
have only their mortgage products to offer. When you hire these
professionals to help you out, they will research every lender in their
repertoire to get you the best mortgage for your unique situation. Reputation
is a strong indicator of trust in any industry, make sure the broker you choose
has some positive reviews and testimonials from satisfied clients that they
have helped.
Darcy Schanck
"Paving the way to your financing solutions"
Independent Financial Consultant
Mississauga ON. Canada
Cellular/Direct 416-706-5741
E Fax 1-877-600-9716
No comments:
Post a Comment