Bank Or Broker?
Who should you turn to for your mortgage pre-approval?
Treat your mortgage like any other major purchase – that is, make sure you take the time to compare rates and shop around. Not every Canadian mortgage rate is the same.
When you visit a bank, it's worth noting that their loan officers are paid to sell you their products. They’ll do whatever it takes to keep you from considering other options.
A mortgage broker is a freelance agent who works solely for you. They are trained professionals that will help you get the best mortgage rate for your personal situation. They compare products from a number of different banks and specialty lenders, and negotiate the best low mortgage rate for your needs. The broker works for you, the customer, and best of all, they are completely free. The lenders pay brokers once they close the mortgage deal.
More Reasons Why Mortgage Brokers Are Great
Protect Your Credit Score
They help to protect your credit rating by only pulling one credit report and using it for all lenders.
Give You Expert Information
Mortgage brokers are up-to-speed on the best mortgage rate information available.
Save You Money
A good mortgage broker can provide ideas on how to save on interest while keeping your low mortgage rate payments affordable.
Bank vs. Broker
Which ones suits your needs better – bank or broker?
Types of Mortgages
There are many different types of mortgage products available on the market. Generally, mortgages fall into one of three categories, open, closed or convertible. A mortgage broker will help you navigate the various options.
Make your mortgage hunt easier – contact a mortgage broker today.