Are you still considering why you should use a mortgage broker?
Mortgage rates in Canada have been on record lows making it the perfect time to get a good deal on your mortgage. Many Canadians trust their local bank to offer sound advice on mortgage matters. Although banks have different mortgage products, they may not suit everyone, and mortgage brokers always offer an ideal alternative.
Below are just a few ways how your mortgage broker could play a crucial role in your home purchase.
Competitive Mortgage Rates
Mortgage brokers deal with several lenders and are in a better position to negotiate. Many times the broker could even be negotiating directly with your current bankers. There is a simple reason why brokers get the best terms and rates: they bring high volumes of business. When brokers get discounts, they pass the same on to you.
Your local bank will only tell you about products and rates that are offered by the bank. A Mortgage Broker has no vested interest in who you get the mortgage from. Usually a quick chat with a mortgage broker will give you an insight on all your options such as to lenders, terms and rates.
Save your legwork
If you want to get the best mortgage solution, you will need to contact several banks individually. Go over the same process with each lender. Are you sure all this will be worth your time? A mortgage broker can reduce your burden and get you a better product faster than you think.
A recent survey by the Canadian Association of Accredited Mortgage Professionals (CAAMP) showed that most first time home buyers and young Canadians use brokers when getting a mortgage. Here are a few ways in which your broker could play a crucial role in your home purchase. A mortgage broker could prove very beneficial and save you thousands over the course of your mortgage.