Kelowna Mortgage Specialist
Getting you the Best Rates.
Use A Mortgage Broker And Obtain The Best Deal Available
The services of a mortgage broker is now used by around 20% of Canadians. This is due to broker being able to save the borrower money and even time.
The duty of a mortgage broker is to act as the liaison between potential customers and lenders. They "shop" for the best mortgages available on behalf of the consumer, making the method much easier and potentially saving them thousands of dollars. A mortgage broker is responsible for several things, such as sourcing suitable home loan alternatives, providing information and documentation to both the lender and consumer, and submitting applications.
Because brokers work alone, they are fair and can provide you with the most cost-saving deal available. They have access to numerous banks as well as a few broker-specific lenders. Mortgage brokers take care of your best interests and have to be clear and ethical.
There are some advantages of using a mortgage broker. One of these is access to a wider range of products. A broker has connections with some competing financial institutions, who all try and offer the best rates, advertising products and services with the hopes of winning your business. A mortgage broker could help provide you with access to the most innovative and affordable mortgage products available.
The main task of the broker is to find the borrower the best mortgage rate available on the market. Normally, they would have access to a discount rate, which you would be hard pressed to find by yourself. As a general rule, your mortgage broker can place your mortgage with the bank or lender of your choice with a better rate which you could be given without one.
There are fewer complications if a borrower does choose to work along with a mortgage broker. The broker's responsibility is to take care of all the paperwork from other data points and applications that are required when applying for a loan. An experienced broker would easily navigate the fine details and avoid most complications.
The most important commodity for the borrower is time. The broker can save you a lot of time and effort since they have the experience and the connections. They make sure that you would receive the best mortgage package for your individual situation.
The mortgage brokers services are normally "free". The will usually get paid by the lending institution to which you would be given your deal. However, there are a few cases in which your mortgage broker may charge a small free. This usually happens if you have bad credit or if you pick an institution that does not pay the broker a finder's fee. Nonetheless, this would always be disclosed before any financially binding agreement is signed.
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