Why you still need a Mortgage Broker
Why you still need a mortgage broker
By WM | 04 Jun 2013Investors are increasingly prepared to go it alone in this slower market where even the big banks are quick to whip out low rates to compete. But there are remain key reasons for using mortgage brokers. WhichMortgage.ca outlines those considerations and explains why savvy investors continue to rely on brokers and the website’s comprehensive directory of 1,000+ professionals.
Mortgage brokers keep up-to-date with the latest product offerings from lenders and have intimate knowledge of various features and options, especially for investors often facing business-for-self restrictions and the intractable “Four-door Rule."
6 reasons to use a broker
1. Choice: If you go direct to your bank, you will
only be offered products from that financial institution. Mortgage
brokers have relationships with several different lenders and are
knowledgeable across each lender’s range of products.
2. Works for you: As small business owners,
word-of-mouth makes or breaks mortgage brokers. Hence they are motivated
to act in the clients’ best interests.
3. Skilled negotiators: Mortgage brokers’ skill and
experience, combined with their relationships with lenders, help them
negotiate rates that are often better than what borrowers could achieve
on their own. That remains true even in this competitive environment.
4. Goal-orientated: Are you looking for the cheapest
rate? Are you interested in paying off your loan sooner? Are you
planning on buying another investment property? A mortgage broker
will interview you to find out what you want out of your home loan and
work to find the best product to suit your needs and home ownership
goals.
5. Paperwork: Mortgage brokers help their clients
complete and submit the mortgage application, as well as gather the
documentation required by the lender.
6. Read the fine print: After you’ve received your loan approval, the mortgage broker
can help you understand the document and conditions of the contract. As
well, the broker can walk you through the next steps leading up to the
closing of the mortgage transaction.