by Neil

Over the past several months, we have been approached by several clients looking for a referral to mortgage specialist. In addition to working with account managers at several major banks, we also work closely with several independent mortgage brokers too.

The article below is a quick summary why you may consider using a mortgage broker next time you are looking to buy or refinance a property.

Mortgage Brokers are independent, trained professionals licensed to represent and provide you with the best advice for your mortgage needs.

A Mortgage Broker's primary expertise is locating funding for mortgage financing. They know where the best rates can be found and have the knowledge required to present a proposal for financing to lenders in the best way possible.

So why deal with a Mortgage Broker?

Mortgage Brokers represent you, the customer, not the lender. Because they are not employees of a lending institution, Brokers are not limited in the products they can offer you and can seek out the best lender package to suit your specific situation.

There is a wide assortment of options and features available to homebuyers today. Shopping around takes a lot of time and effort. The mortgage process within today's very competitive marketplace intimidates many Canadian homebuyers. It pays to work with a mortgage professional who will represent you and ensure the mortgage you get is the one best suited to your needs as choosing the wrong mortgage can cost you thousands of extra dollars.

Reasons to use a Mortgage Broker

• Access to different lenders, banks, trust companies, investors and financial institutions.
• Fast credit and loan pre-approvals with no cost or obligation.
• They are experts at matching you with the best-suited mortgage, while saving you time and money
• Get mortgage rates at wholesale, guaranteed up to 120 days.
• They work for you, not the bank.
• Up-to-date on all the mortgage rates, terms and re-payment options available on the market.
• Mortgage brokers are almost always paid directly by the lender. That means their services are free!
• Brokers have vested interest in satisfying your needs since they rely on referrals and repeat business.

How do Mortgage Brokers Find Superior Rates?

Interest rates are a concern to borrowers. Because of their daily contact with lenders, brokers know which project or home attracts a favorable interest rate from one institution, but a higher rate at another. Some institutions, in fact, will only accept mortgage submissions from mortgage brokers.

These rates, and preferences for types of mortgages, can change daily, depending on economic circumstances or based on the size of an institution's portfolio in a particular type of mortgage. Your Mortgage Broker keeps current and knows which lender to approach first. As a result, mortgage rates obtained by Brokers are among the best available at the time of placement.