Gone are the days when you used to picture yourself getting a mortgage and possibly imagine having a meeting with your local bank branch to discuss various options with you. Although it was a standard process in Canada, there’s a complete shift in the way people are looking for a mortgage now. Mortgage brokers are becoming more popular as they are showing more interest towards their clients and offering them the lowest possible mortgage rate ever.
Apart from this, there are many other convincing benefits of hiring a mortgage broker. So, keep reading to find out whether mortgage brokers in Canada come with fruitful deals for homeowners or not?
5 Reasons to Use a Mortgage Broker
There are endless benefits to using a mortgage broker services instead of contacting your bank for obtaining a mortgage or loan. It is important to understand the advantages of contacting a mortgage broker and how it can improve your experience of buying your own home for the first time in Canada.
Let’s have a look at the benefits of hiring a mortgage broker instead of dealing with traditional financial institutions.
- Find deals according to client’s need: Mortgage brokers put their maximum effort to find terms that fit your unique home buying requirements. To cite an example, you can either prepaid or pay off before your term ending. The most important thing is that your option should go exactly with your circumstances and your mortgage broker takes care of all the situations while looking for a perfect mortgage lender.
- Lower contract rate than Banks: Banks are not much concerned about helping their clients while mortgage brokers have the first priority of helping their clients by finding the best mortgage option. Also, the broker tries to find a neutral platform and find a lender matching with your financial situation. For example, according to the bank of Canada, a borrower must qualify at the rate of 5.25% or even more in a few cases. However, the mortgage broker at Mortgage Home Care helps you qualify at a contract rate starting at 2.54%, if you have 20% down payment, it may be gifted.
- Time-Saving: when you work with the mortgage broker, you get the extra advantage of saving your time along with protecting your credit score. A mortgage broker helps you in understanding all the applications, talk to multiple lenders on your behalf, look for several credit checks in a short time, etc. In short, your mortgage broker tries hard to increase your credit score.
- Money-Saving: Working with a mortgage broker helps you save indirectly thousands of dollars in interest savings. Moreover, he is an unbiased negotiator who works on your behalf and tries to get the best mortgage rate for you. Make sure, your local bank will never make any efforts in providing you an unbeatable interest rate while a mortgage broker will do so.
- Nominal fee: You can have the assistance of a mortgage broker by your side anytime you wish. And in return, he only charges a nominal fee which is either paid by the lender or you pay it on your own. Whatever the case is, you get notified in advance so there is nothing to worry about the mortgage broker fees.
