Why You Need a Mortgage Broker

Now that you have a fairly good idea about the type of home you want (last week’s blog). The next step is to shop for the best mortgage that will enable you to buy your dream home. Have you considered using a Mortgage Broker? As mortgage brokers our services are free and we offer you an abundance of choices that the banks simply can’t compete with. Banks like to play it safe. With interest rates at an all time low and mortgage payment deferrals high due to the pandemic, banks are not willing to take on any “risky” clients. There is an unfathomable amount of scrutiny on every single mortgage application and some borrowers are rejected outright. For example, people with foreign income, investment income or self-employment income all come under this unfavorable category.

As mortgage brokers we have access to a huge range of lenders – more than 90 institutions, including some of the big banks, which enables them to negotiate the best possible mortgage products and rates on your behalf. In comparison, if you approach your bank with a mortgage request, they can only offer you a narrow choice i.e. their own products.

Mortgage brokers are the experts when it comes to all the available mortgage products and keep themselves up to date on any new products, or changes to existing products, to ensure they find the best mortgage to fit your specific needs.

Unlike the banks, we, as mortgage brokers, can also cater to the self-employed clients as well as those who have a low credit score due to life experiences such as a divorce or illness. We will listen to your story, whereas banks have a very narrow view of what fits into their requirements – and this is non negotiable.

To summarize: Here are the Top Reasons to say yes to a Broker:

1. Choice – access to multiple financial institutions
2. Costs – using a broker is free and they can negotiate lower rates for you
3. Knowledge – brokers stay informed on available products and services
4. Flexibility – whether it is self-employment or investment income or even a low credit score.

When you’re ready let’s connect to discuss how Your Mortgage Your Way can help you find the best mortgage rate and term for your unique situation.