Mortgage Brokers vs Banks - first time home buyers Mortgage brokers offer specialized knowledge about mortgage products and work on your behalf to get you the most competitive mortgage rates without any hassles or negotiation on your part. Mortgage brokers can assist you in selecting the right mortgage product for your needs from over 30 mortgage lenders across Canada, including the major banks, trust companies, credit unions, finance companies, and private lenders. Brokers have access to updated interest rates on a daily basis, ensuring that you get a competitive rate. A broker saves the time and energy of applying to various financial institutions on your own and also provides personalized service to you. Based on your application and financial details, the broker will search the marketplace for the suitable mortgages. By reviewing your financial situation as well as your future plans, a mortgage broker will search the marketplace and work with you to select a mortgage that will meet your needs and help you achieve your goals, while integrating your comfort for risk. A mortgage broker can also help you develop strategies to pay off your mortgage sooner. It is commonly believed that mortgage brokers charge an upfront fee and should be used only as a last resource, but this is not the case. When mortgages are arranged through a major financial institution, brokers do not charge a fee to you. Instead, the lender pays the broker a fee when the deal is funded, for sourcing the deal and handling the documentation. The broker helps you to do the research and only gets paid once the proper service has been delivered. The banks view mortgage brokers as an alternate sales channel to their branch operations and mortgage brokers work with the major banks to build business.
Posted on: Sat, 02 Nov 2013 22:09:55 +0000