Who Should Use a Mortgage Broker? Everyone!
What is a mortgage broker?
There are still a lot of misconceptions and misunderstandings out there when it comes to mortgage brokers and what they do.
A mortgage broker is a professional who is licensed with the Real Estate Council of Alberta (RECA). In order to obtain this credential, a mortgage broker is required to meet educational and professional conduct requirements, and complete background security checks.https://toprankinmortgages.com
How is a mortgage broker different from a bank?
A mortgage broker should never be compared to your local financial institution. The purpose and function of each is very different. An independent mortgage broker is just that-independent-meaning they have no association with any one lender. That means it’s their job to offer you unbiased advice.
Essentially, they’re experts who are trained and licensed in the business of mortgage financing. Their primary function is to work for you-not the lender! They shop the mortgage market for the best rate, term, and product for the consumer, but they also offer more than this-providing debt consolidation solutions and credit recovery strategies.
Best of all, a mortgage through a broker operates in the same way as the one you would get through your local financing institution. Online banking, accelerated payments, and pre-payment options are all available. It’s easy and hassle-free.
MYTH#1: Interest rates through a mortgage broker are high.
TRUTH: The industry’s lowest interest rates are only available through a mortgage broker.
Why should I use an independent mortgage broker?
It pays to work with a broker who will represent your interests and ensure the mortgage you get is the one that’s best suited to your needs. Mortgage brokers have direct access to every major lender across Canada. Whether it’s a chartered bank, trust or insurance company, or private lender, each offers different rates and product features. Most important for you to know is that many of these lenders are only accessible through a mortgage broker. You will want to ensure you get the one that’s right for you.