Here are the top reasons why using an independent mortgage broker could be the best option for you.
CHOICE
One application with a mortgage broker gives you access to the largest range of lenders, best choice in rates and mortgage options: banks, credit unions, trusts, non-traditional lenders and private financing.
INDEPENDENCE AND OBJECTIVITY
I work for YOU, not for any one lender. That means YOU are the focus. I fit the mortgage to the client, not the client to the mortgage. It is in both of our best interests that I look after your needs, not the bank.
ACCESS TO RATE PROMOTIONS
The lenders compete for my business, and offer better than average service and rates because of my long term relationships with them. This means wherever there are specials, I will have access to them.
EXPERTISE
There is only one product a mortgage brokers specializes in: Mortgages! We watch the marketplace every day on your behalf. Bank employees are often spread thin with multi-product sales and cannot focus on the trends and best mortgage products outside of their institution.
NO COST TO YOU
Mortgage brokers are compensated by the lender as a “finders’ fee” paid upon completion of your new business.
ONE CREDIT INQUIRY
Rate shopping on your own can actually be hazardous to your credit. Every time a new bank checks your credit, the credit bureaus take notice. Too many inquiries can weaken your “score” and possibly affect the rate and terms of your mortgage. A mortgage broker does one inquiry only, regardless of how many lenders you are looking at.
ON-GOING RATE PROTECTION
From the pre approval point, (which offers 120 days of rate protection), to ensuring the best rate at possession, and again at your renewal, a good mortgage broker stays in touch throughout the life of your mortgage, keeping you up to date on your options. At renewal, another rate protection period is available. This can save you thousands of dollars, as many banks send out renewal notices to their clients at “posted rates” vs. “best broker rates”.