Unsure if using a Mortgage Broker is the right choice for you?
When shopping for a mortgage, many home buyers enlist the services of a Mortgage Professional. There are many benefits of using a Mortgage Broker.
Let’s take a look at the top 8 reasons why using a mortgage broker is the right move for you.
1. Saves you Time
Mortgage Brokers have access to several lenders (over 50!).
Mortgage specialists have an ongoing relationship with lenders. This means they know what is available in mortgage financing and will be able to advise you on what your lending options are. Because they already have all the information available, they are able to save you from all the leg work you’ll inevitably do searching for this information.
2. Saves you Money
Due to the high volume that mortgage specialists do with lenders, they are able to obtain discounted rates that are not available directly through the branch of the lender of choice.
This means that when successful they can save you money.
3. Reduces Stress
Finding a mortgage can prove to be a very daunting task.
A mortgage specialist takes all the stress off of your shoulders by:
- Making sure all the paper work is in place.
- Keeping good communication with you, so you know what is going on with your mortgage.
- Keeping you up-to-date with any complications so that there are no surprises.
4. Access to additional lenders that are not normally available
Some lenders work exclusively with Mortgage Brokers. In these circumstances, the layman does not have access to these lenders and, therefore, does not have the option to discounted rates and mortgage products that these lenders offer.
5. Services are Free
Mortgage professionals are paid by the lender, not you.
A great mortgage broker will always have the best interest of the client in mind. Mortgage professionals rely heavily on referrals, this means that they will fight to ensure you are a happy customer who got the best deal available.
6. Take on Every Challenge
As Mortgage Professionals, we see every scenario out there and work to make sure that every client knows what is available to them for financing options for a mortgage.
Damaged credit and low household income might be a deterrent for the bank. But a Mortgage Professional knows how to approach the lender and has the relationship to make sure every client has a plan and strategy in place to make sure there is a mortgage in their future.
7. The Mortgage Broker Industry is Monitored by Governing Bodies
In order to become licensed, mortgage brokers need to be well versed in ethical and upstanding values that are outlined through the Financial Institutes Commission, a provincial governing body that is a watchman for the industry. FICOM’s mandate is to make sure every mortgage broker walks in integrity and is in the best interest of their client.
This means that you can put your trust in your specialist’s principles and values.
8. A Better Understanding of Mortgage Products than Your Bank
Interestingly, a Mortgage Broker has to be licensed and cannot discuss mortgages with you unless they are licensed.
This is unlike the bank who can “internally train” their staff to sell the specific products available from their bank. The staff at your bank do not have to be licensed Mortgage Professionals.
While this is not an exhaustive list on the benefits of using a Mortgage Professional, it is compelling to see the benefits of using a Mortgage Professional rather than putting a mortgage together on your own.
At GLM Mortgage Group, we have excellent rapport with the lenders we introduce our clients to. Our customer service is reflective of our relationship with our lenders. We are always professional and we always make sure our clients know every viable option they have for mortgage financing.