More and more of your friends and co-workers are talking about the mortgage they obtained through a mortgage broker. They're talking about it because they are happy they went to a broker instead of going to their bank. Why are they happy? Why go to a broker for a mortgage?
Competition is a major reason. More lenders are offering a wider range of mortgages to choose from. Consumers have begun to shop around for their mortgage rather than simply taking what their bank offers. Lenders have started advertising discounted rates, making it obvious that there's a good reason to shop around.
But the biggest reason for the increasing reliance on mortgage brokers is that brokers offer consumers several KEY advantages:
- Independent, unbiased advice. Mortgage brokers provide mortgages from various lenders, so they're not tied to one lender or one type of mortgage.
- More mortgage choices. Mortgage brokers have direct electronic access to virtually every major lender in Canada, so they can show you a wide range of rates and features.
- Best-available rates. Mortgage brokers study rates daily and always know where to find the most competitive ones. Plus they know how to negotiate with lenders to ensure you're getting the best available deal.
- Fast, convenient local service.Mortgage brokers are highly motivated to keep your mortgage moving forward quickly because they only get paid—by the lender—when your mortgage is complete.
- Specialized knowledge. As specialists, mortgage brokers have a thorough understanding of all available products, features and rates. And they can explain everything to you so you know exactly what you're getting into.
- Secure, establsihed lenders. Mortage brokers deal with the same reputable, established Canadian financial institutions you know and are used to, plus a host of others that want to compete for your business.
Remember, neighborhood bank branches cannot help anyone that does not fit into their "AAA" boxes; and they can only "sell" you on what their branch happens to offer. The bank employee will try to do that at a rate most advantageous to the bank branch.