7 Reasons to Use a Mortgage Broker

Whether you are a first-time home buyer or are looking to simply invest, getting into the real estate market can be quite challenging. Thankfully, there is an easier way to get the right mortgage deal for your situation.

Mortgage Brokers keep up-to-date with the latest product offerings from lenders and have intimate knowledge of various features and options that are available to you. Mortgage Brokers work as a liaison between the borrower and the lender to obtain the best mortgage for their client.

Here are 7 reasons why you should use a Mortgage Broker:

1.      Choice

Going to a bank limits your options, as they can only offer you a limited amount of mortgage options. Mortgage Brokers have relationships with multiple lenders and are knowledgeable across the entire range of lender products. This ensures that you will get the deal that is best suited to you and your situation.

2.      Works For You

As small business owners, a Mortgage Broker’s reputation is crucial to their livelihood as a huge portion of their business comes from clients referring them business. Therefore, they will do everything that they can in order to please the client including offering competitive rates and proving excellent customer service. 

3.      Skilled Negotiator

Mortgage Brokers’ skill and experience, combined with their relationship with a lender help them negotiate rates that are often better than what borrowers could achieve on their own by walking into a bank.

4.      Goal-Oriented

Mortgage Brokers will discuss with you to find out what you want out of your home loan and work to find the best product to suit your needs and home ownership goals.

5.      Paperwork

Mortgage Brokers help their clients complete and submit the mortgage application, as well as gather the documentation required by the lender. Mortgage Brokers use one application to reach many lenders. 

6.      Read the Fine Print

After you’ve received your loan approval, the Mortgage Broker can help you understand the document and conditions of the contract. As well, the broker can walk you through the next steps leading up to the closing of the mortgage transaction.

7.      Large Lender Panel

Mortgage Brokers have access to a variety of different lending institutions including the big banks and many other monoline lenders. Monoline lenders are only accessible through brokers and they most often than not, offer more competitive rates than the big banks as they only specialize in one product, mortgages. 

We Can Help!

Here at Millennial's Choice, our experienced Mortgage Brokers have access to a wide array of lenders with a plethora of options to suit the needs of every person looking to obtain a mortgage. If you have any mortgage related questions, please email your inquiries to us at info@millennialschoice.ca. One of our Mortgage Brokers will be delighted to assist you.