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Mortgage Planner, Advisor and Broker


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WHY USE A MORTGAGE BROKER?

For a number of very good reasons . . .

You've probably heard a lot of people talking about getting their mortgage through a broker. What has led to the rapid rise in the popularity of brokers?

  • More lenders are offering a wider range of mortgages to choose from.
  • Consumers have begun to check the options available rather than simply taking what their financial institution offers.
  • Mortgage lenders have started advertising discounted rates, making it obvious there's good reason to shop around.

But the biggest reason for the increasing reliance on mortgage brokers is that they offer several important advantages . . .

Here are the top 10 reasons:

1. Save Money (and Time), while Lenders Compete for Your Business

Because mortgage brokers act independently of the banks, credit unions and other lending institutions, they can have these lenders compete for your business.

This gives you a strong advantage, by saving you money and providing you with a set of rates, terms, features and options best suited to your needs.

A broker has access to a large number of mortgage funding sources, from a variety of financial institutions and private lenders . . . including your bank!

In addition to dealing with the same reputable, established Canadian financial institutions you're used to, brokers have access to some innovative ‘broker-only’ lenders who offer even more attractive rates and features. As a result, they can very often do much better than the rates offered by the retail banks and credit unions.

Since mortgage brokers earn their income by commission only, it is in their best interest to provide you with the best service, and the best terms, rates and features tailored to your specific needs and financial goals, because, if you don’t choose the option they provide for you, they don’t get paid . . . it’s as simple as that!

If you choose not to have your home loan with a particular bank, the loan officer gets a salary anyway. So, ask yourself . . . who is looking out for your best interests?

2. Availability

A mortgage broker does not keep banker’s hours and is available as needed to work with you on your schedule . . . including evenings, weekends, and holidays. Try asking your banker to meet with you at 10 o’clock on Sunday morning at your local coffee shop - or take your call while on the golf course!

3. Impartial, Independent Advice

Because brokers have direct electronic access to virtually every major lender in Canada, they can show you a wide range of rates and features, providing you with more choices, and the most favorable mortgage rates and terms for your needs.

And, brokers can often find a lender who accepts home loans that a bank will forego for a number of reasons.

Open or closed mortgage? Fixed or variable rate mortgage? Monthly or weekly payments? A professional mortgage broker can help you choose the best options for your situation. Unbiased and independent.

4. Individual Attention, Convenience and Communication

Brokers work one-on-one with you to evaluate your needs and find a lender that meets your unique requirements. The broker submits the application to one or more lenders, and upon acceptance, works closely with the lender (and your lawyer or notary) to complete the process, taking care of all details – from meetings with lenders to negotiation of rates and terms, right through to completion of all the paperwork.

The process includes a high degree of attention and communication because the broker is paid only when your mortgage has been completed to your satisfaction.

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