Hiring a mortgage broker is one of the simplest parts of the home buying process. Because a mortgage broker only focuses on mortgage financing and not opening bank accounts, offering credit cards and lines of credit, they know the ins and outs of the mortgage process. Simply put, they only focus on one thing and when you do that, you typically become a master at it.
Here are 7 reasons why you should use a mortgage broker:
1. Lower Rates
The most obvious reason is mortgage brokers have access to all kinds of mortgage lenders and have multiple rates to choose from. Think of it like this, one lender can only offer one product, multiple lenders offers mortgage brokers to offer multiple products. Multiple products equals more opportunity.
With having access to many lenders, each having it’s own products to offer allows the opportunity to look at rate but more importantly, the fine print like the terms and conditions which can have a bigger impact and higher fees for a consumer should they be in a position of having to break their mortgage term.
A mortgage broker is able to better tailor a mortgage product to your specific needs, whether that be working with a lender who is more flexible when it comes to self-employed income or one who has more flexible prepayment terms. Because mortgage brokers have access to more lenders, they’re better able to find a lender and a mortgage based on your specific needs and financial situation in order to get you the lowest mortgage rates today.
4. Your Ally
Since a mortgage broker is not employed by anyone, they work in the best interest of their client. The only person they need to focus on is you. Taking the time to ensure, the best product is being offered for your situation is the most important part of their job and ensuring you understand fully how everything works. They basically put all the pieces together.
5. Free to Use
Mortgage brokers are paid by commission from whatever institution they place a clients mortgage with. They also reply on referrals so making sure the client is being taken care of is of uttermost importance.
Mortgage brokers only focus on one thing, “mortgages”. When you only focus on one thing, you become very good at it. We know how lenders work, what they look for and most importantly how penalties are calculated between all lenders and which could cost a client more more money down the road. Replying on their experience can help save clients money.
Mortgage brokers have a multitude of ways to help consumers finance a home. You typically don’t have to take time off work to sit at a branch to arrange mortgage financing. They offer online solutions, communication through emails, electronic signatures for documents, zoom meetings. The list goes on.
As with any service, due your due diligence. Research the mortgage broker, get recommendations, seek testimonials and interview them so you feel comfortable working together.
Edmonton’s trusted mortgage broker Eva Neufeld shares her 20 years financing experience to help her clients be in the best position possible. Why not take advantage of her experience and call her today.