Why Use a Mortgage Broker?

April 30, 2019

If you’re in the market for a new home, you’ve probably heard talk of working with a mortgage broker. Many buyers, especially those in the market for the first time, make the mistake of purchasing without a broker, costing them time and money down the line. At the same time, many buyers opt to get their mortgage through their bank, which can potentially stop you from getting the best available rate. Here are just a few reasons why you should consider working with a mortgage broker.

  • A broker is there to represent your interests. A bank is only obligated to work for their best interests, offering you the best rate available at their institution and not market-wide. A mortgage broker is your key to finding the best rates across all lenders, helping you to find a mortgage that works best for you.
  • A broker can help you in ways that a bank can’t. If you’re having trouble getting approved for a mortgage at a bank or other lending institutions, a broker can be the answer. This can be especially helpful to those with poor credit scores, or for people who are self-employed.
  • A broker is your one-stop-shop. A mortgage broker collects and organizes different mortgage types and rates, so that you can easily find the right one for you.
  • Build a relationship. When trying to get in contact with banks or other large lending institutions, sometimes you have to navigate through gatekeepers before reaching the person who can help. Avoid this frustrating gauntlet by coming directly to a broker, the person with the answers you’re looking for. You’ll work with your broker throughout the whole process, and build a relationship with them as they get to know you.
  • Save money! When getting a mortgage through the bank, you are on the hook for appraisal fees, origination fees, and more. When working with a broker, these fees can sometimes be waived, saving you thousands of dollars.

There are lots of factors that may affect the mortgage that you and your broker decide upon. For instance, if you plan to move away in a few years, you may want to look at portable mortgages. Or perhaps you anticipate a major change in income in the next few years (pregnancy, a child moving away for school, or a promotion at work), in which case an interest-only loan, or adjustable rate mortgage may be more appropriate. Your case has countless facets and variables that make your mortgaging situation unlike any other. It deserves a careful and personal touch in whoever is securing your mortgage.

If you’re ready for your mortgaging needs to be addressed in an efficient, personalized, and helpful manner, look no further than Milka Lukacevic at The Mortgage Centre. You can count on The Mortgage Centre to provide objective, useful advice, that will help you get approved, and moved into your dream home, all the sooner. If you have any questions, or are ready to get started, don’t hesitate to contact Milka Lukacevic at The Mortgage centre today.