Benefit #1: A Broker Works for You
Perhaps the greatest benefit to working with a mortgage broker rather than a bank is the fact that the broker works for you. Go to a bank to secure a mortgage loan, the banker is solely concerned with the interest of their own. The mortgage broker, the good one, is looking out for your best interest as he or she searches for the mortgage that is best for you represent your needs and not of the lender.
Benefit #2: Choose from a Wider Variety of Institutions
When you go to a bank to inquire about a mortgage loan, the bank specialist is only representing his or her bank. When you work with a mortgage broker, he or she works with a wide variety of different institutions. As a result, you have a broad range of loan options to select from. Not only can this help you get the best rates, but it also increases your chances of obtaining approval even if you have poor credit.
Benefit #3:Brokers are Highly Trained
While bank specialists do not require any formal training or license, mortgage brokers must have the smart, experience and the education what you will get in a package, increasing your chances of getting approved.. In fact, most Provinces require mortgage brokers to meet a strict set of requirements, mortgage brokers must be licensed and must complete continuing education courses in order to remain licensed In Canada. As such, you can be sure the mortgage broker you work with is current on the latest real estate and mortgage financing rules and events.
Benefit #4: Reducing Credit Report Inquiries
When your credit report is pulled by a lending institution, your credit score may take a hit. When you work with a broker, your credit report only needs to be pulled once in order to recommend the best options. If you go to multiple banks, on the other hand, your credit report will be pulled each time you inquire into a loan.
Benefit #5: Submit Your Information Only Once
Convenience and easy to obtain a mortgage when you have a Brokers work for you and it all can be done by phone, fax, email. After you have submitted all of the necessary information to your mortgage broker, he or she will pass all of the required information on to those mortgage lenders that might be a good fit for you. As such, you are able to submit your information to multiple lenders while only filling out the necessary paperwork one time.
After all, you need to be informed and have some knowledge about the process of getting a mortgage. Most importantly, a mortgage broker, a good one, will be able to provide you with a plan, help you to expedite the plan and work with you on a solution as well.