Why use a mortgage broker?

You may be asking yourself: Why use a mortgage broker? Isn’t it just as good to just go into a branch of your local bank and talk to their mortgage person? Or, how about just researching your options over the web, with an online mortgage provider?

Banks or rate sites aren’t great options alone

A 2011 Bank of Canada paper analyzed people’s interest costs over the lifetime of their mortgages. They found that shopping around, sophistication, and negotiation skills were key in getting the best deal on your mortgage. They also explicitly stated that “borrowers that use mortgage brokers pay lower rates.” Toronto mortgages these days are significant, and the biggest loan most of us will ever get. Making the most of your choices can save you thousands of dollars in interest.

My job is to educate you on the best mortgage options

As a mortgage broker, I look at your complete situation and educate you on your best options. I help you to find the product that will be best suited to your needs, at a very competitive rate. Unlike banks or online lenders, I help you figure out mortgage solutions and a mortgage plan specific to YOU. Your unique financial situation and financial goals set the guidelines for our work together. From there, I review the offerings from roughly 50 lenders, including banks, trust companies, and credit unions, to find out which are the top matches for your needs. I want you to be comfortable and confident in your decisions about your mortgage.  I give you the tools, so you can make informed mortgage choices.

Worried that using a mortgage broker will cost you?

I often get asked about how I’m paid. The answer is that the lender pays us most of the time. If we work through your application and find that the only way to get you the money you need is through the services of a private lender or alternative lender, we will discuss that scenario up front. If a fee will be payable, I always inform you of that ahead of time, so you have the choice not to proceed. At no time are my clients ever surprised by a mortgage broker fee.

“Imagine a world without choice.”

Here’s a cute video produced by Mortgage Professionals Canada, one of our professional associations. Competition is so valuable in creating better options for all of us. It’s true of mortgage companies, just like any other. We just need to get this happening with Canadian cell phone plans!  🙂

The bottom line

Ultimately, my goal is to save you time, minimize stress, and keep more money in your pocket. Please don’t hesitate to get in touch, and see if I can make a positive difference on your behalf. I’d be happy to hear from you. There’s no cost or obligation, and could save you thousands!

Feel free to learn more about mortgage brokers in my blog article on this topic.

Photo [c] Prakasit Khuansuwan for vecteezy.com