Why You Should Work with a Mortgage Broker

Why You Should Work with a Mortgage Broker

 

When applying for a mortgage, you want to make sure you work with experts. Instead of going directly to your bank or a lender, you should work with a mortgage broker. Mortgage brokers, such as our Kitchener mortgage broker team, can offer you so much more when it comes to mortgage products. There are many benefits of working with a broker.

 

You Could Get Lower Rates 

The job of a mortgage broker is to find a mortgage that works for you. They have access to a large pool of lenders with a variety of mortgage products. They also have access to better interest rate offers that you may be eligible for. In many cases, a lender will offer a bonus to a broker for using their products, savings that can be passed down to you.

 

Brokers Save You Time and Money

If you were shopping around for a lender, it would take up a lot of your time and it may end up costing you more. Working with a broker means you have an expert who can deal with all of the legwork for you. They can access several mortgage products in minutes and will take care of the paperwork needed and liaise with the lender on your behalf. A broker can find you lower rates that aren’t offered to the public.

 

Using a Broker Will Help Protect Your Credit Score 

When you apply for a mortgage straight from a lender or bank, it will result in a hard check on your credit file. Too many hard checks over a short period can lower your credit score, which can then impact the rates that are offered to you. Using a broker, however, means your credit file only needs to be accessed once, protecting your credit score and your ability to get lower rates.

 

Cutting Down Costs

Normally, brokers are compensated directly by lenders. This means those costs aren’t being passed on to you as the borrower. Of course, there are cases where brokers aren’t compensated directly, which means some mortgage products will have a fee that is passed on to the borrower. A good broker will always be upfront about any fees that are passed on to the borrower.

 

Their Advice Is Unbiased

Lenders and banks offer products that will benefit them in the end. This means that their advice can be a bit biased. Brokers are working for your best interest though, which means their advice is based on what is best for you. Referrals matter to good brokers and they aim to please their clients. They will take the time to go over your financial situation, listen to what it is that you would like with a mortgage package, and offer you options that you may not have been aware that you qualified for.

This is why working with a mortgage broker is the best option when looking for a mortgage product. They will save you time and money, they are experts in their field, and they have access to more mortgage packages and lenders than what you will find on your own. If you’re looking for a mortgage product that is best for your needs, give our Kitchener mortgage broker team a call today and we will get you started!

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Kitchener Mortgage - Loan Approval Tips