Who should you consult for your mortgage pre-approval?
Bank or Broker?
Handle your mortgage like every other major purchase– that is, be sure you make the effort to compare rates and shop around. Not every Canadian mortgage rate is the same.
Bank Rates
When you visit a bank, it’s worth bearing in mind that their loan officers are paid to sell you their products. They will do whatever is required of them to keep you from considering other options.
Mortgage Broker
A mortgage broker is a self-employed agent who works only for you. They are qualified professionals that will help you find the most effective mortgage rate for your unique situation. They compare products from a variety of banks and specialty lenders, and arrange the best low mortgage rate for your needs. The broker works for you, the customer, and most importantly, they are completely free. The lenders pay brokers once they close the mortgage deal.
More Reasons Why Mortgage Brokers Are a Great Choice
- Protect Your Credit Score
- Brokers help to protect your credit rating by only pulling one credit report and using it for all lenders.
- Give You Expert Information
- Mortgage brokers are always up-to-date on the best mortgage rate information.
- Save You Money
- A good mortgage broker can offer tips on how to save money on interest while managing to keep your low mortgage rate payments reasonably priced.
Bank vs. Broker
Which ones suits your needs better– bank or broker?
Types of Mortgages
There are a variety of different kinds of mortgage products available on the market. Typically, mortgages fall under one of the following three categories, open, closed or convertible. A mortgage broker will help you understand the various options.
Make your mortgage hunt less troublesome– contact a mortgage broker today.