Choice: Many people’s first instinct when they need a mortgage is to go to their bank. And that is fine, we work with banks and credit unions all the time. However, the Mortgage Specialists at the branches can only offer you the options within their own institution. There is so much more out there. What that bank offers may not be the best option for your situation. A mortgage broker will do the shopping for you. One application, one credit check but many lender options.
Knowledge: Mortgage brokers keep up to date on the regulations and the latest mortgage products available in the market. They work with all types of lenders and usually several of each type. Mortgage brokers have the knowledge and accessibility to find the best mortgage for you.
Client focused: Word-of-mouth can make or break a mortgage broker’s business. So they are focused on making sure they take care of their clients and put their client’s best interest first.
Planning: A Mortgage Broker will interview you as a new client. They will ask lots of questions about you, your short-term goals and your future plans. Whether you are looking at buying your first home, consolidating some debts or planning to buy your first rental property; your Mortgage broker will consider your needs and plans to determine the best mortgage product for you. Plus, as best laid plans tend to change, a broker will keep in touch to discuss any possible changes that need to be made after closing.
Documentation: Mortgage Brokers help their clients to navigate through the lender’s requirements and can explain the fine print of a mortgage commitment. They can also walk you through the next steps leading up to the closing of the mortgage transaction.