In the past a mortgage broker was someone you went to when you could not qualify for a mortgage and a major bank. This is the way of the past – more often than not it can be more advantageous for your to use a mortgage broker in lieu of the bank to obtain best rates that you often could not obtain by going to your local bank.
1. The Mortgage 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. When you go to a bank to secure a mortgage loan, the bank specialist is solely concerned with the interest of the financial institution. The mortgage broker, on the other hand, is looking out for your best interest as he or she searches for the loan and institution that is best for you.
2. At a bank you will only be offered what that particular bank can offer you as their own products. A mortgage broker will have access to many lenders and will be able to offer you choices in lending that not all financial institutions can or will. Often a mortgage broker can offer you rates far lower than a bank can upfront.
3. Mortgage Brokers are Highly Trained While bank specialists do not require any formal training or license, the same is not true of mortgage brokers. In fact, 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.
4. Each time your credit is pulled your credit score suffers. Every inquiry takes points off your fico score. So shopping around for a mortgage could be detrimental to your credit and could even hold you back from making your home purchase. But when you choose to work with a mortgage broker, there is only one application and one credit inquiry. Your mortgage broker can shop for the best rate for oyu without having to risk ruining your credit.
5: Submit Your Information Only Once 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.
Conexia Mortgage is a Calgary based Canadian mortgage brokerage specializing in residential financing. While the team at Conexia Mortgage can assist you with a mortgage across Canada they specialize in Calgary Mortgage .
