When you go to a bank to inquire about a mortgage loan, the bank specialist is only representing one financial institution. Mortgage Brokers, at least a good mortgage broker has not only institutional lenders, but also private lenders, like MortgagePRO, to enable you to get a mortgage even when you have issues with credit, job and you are self-employed and or new to Canada
Mortgage brokers only get paid when the mortgage funds. Therefore they must be successful to get you a mortgage. Most Provinces require mortgage brokers to meet a strict set of requirements, Furthermore, mortgage brokers must be licensed and must complete continuing education courses in order to remain licensed in most Provinces. 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.
Each time 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. When you inquire at different bank, they will all pull your credit, hence lowering your score and chance.
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.