Get a Mortgage

1. You will save time & money

Researching the mortgage market for the best deal can take a long time, which is fine if you have a lot of time on your hands. However, if you plan to buy a house around your daily life, your free time may be limited.

Using a mortgage broker could save you money as well. You are not only getting an expert who can find a good deal, but you are also getting someone who will assess your needs and make a recommendation that is financially sound for you. A good broker will also consider any applicable fees in addition to the best rate.

2. You will be assisted with paperwork

When applying for a mortgage, there is usually a lot of paperwork to fill out, whether it’s forms to fill out or your own records to sort through. With a broker on your side, you’ll have someone who knows exactly what documents you’ll need and what forms you’ll need to fill out — their assistance will undoubtedly make life easier.

3. You can get assistance with essential insurance

It is strongly advised that when you take out a mortgage, you apply for insurance to protect yourself in the future. Life, home, and critical illness insurance, for example, can help ensure that you and your loved ones are taken care of if the worst should happen.

This is something that your broker can usually assist you with as well. In addition to mortgage advice, they can usually advise you on which insurance products are best for you and assist you with the subsequent applications. It’s yet another service they can offer to make your life easier.

4. You’ll get expert financial advice

All mortgage brokers in Canada must be certified, so you can be confident that any legitimate professional you speak with is appropriately qualified. They also owe you, their customer, a duty of care, which means they’re on your side. When you combine these two, you have a subject matter expert who will do their best to provide you with sound advice.

Typically, your mortgage broker works with dozens of lenders. Client referrals are the lifeblood of their business. As a result, a good broker will want to ensure your complete satisfaction by providing you with unbiased advice. They should select a lender based on their suitability for you, not on the finder’s fee offered.

5. HAS THE FLEXIBILITY AND EXPERTISE TO MEET YOUR REQUIREMENTS

A mortgage broker guides the client through any situation, handling the process and smoothing out any bumps along the way. For example, if borrowers have credit problems, the broker will know which lenders have the best products to meet their requirements. Borrowers who require larger loans than their bank will approve benefit from the knowledge and ability of a broker to successfully obtain financing.

6. No cost (most of the time)

Because your mortgage broker is paid directly by the lender, there is almost always no cost to you as the consumer. The only time you might have to pay a fee is if you work with a private lender or a lender who refuses to pay broker fees, but a broker will inform you of any additional costs ahead of time.

7. Safeguard your credit score

Applying to dozens of lenders on your own is not only time-consuming, but it can also result in a lower credit score. Here’s why: every time you apply to a lender, your credit is checked. If you conduct too many credit checks in a short period of time, your credit score may suffer. A broker typically only needs to pull your credit score once, which helps to protect your credit score.