6 Reasons Why Having A Mortgage Broker Is Better - Private Mortgages Canada

6 Reasons Why Having A Mortgage Broker Is Better


Every home buyer has specific needs and interests in regard to their home purchases. We can seek prime lenders and bank institutions to look at ourselves. If we have a mortgage broker, it only opens us to a variety of possibilities and a wide range of mortgage options. Do we really need to have a mortgage broker?

What Is A Mortgage Broker?

Home loan dealers or estate agents act like a middle person who merchants contracts in the interest of people or organizations. When we have a mortgage professional it allows us to customize our residence and assists us; in our most well-adapted preference as well as offering us favourable interest rates and payment terms.

What Mortgage Brokers Do?

  • Home Purchases
  • First-time home buyer mortgages
  • Refinances for debt consolidation
  • Refinances for home renovation or investment
  • Spousal buyout refinances for clients going through a separation or divorce
  • Mortgages for the self-employed
  • Investment properties
  • Vacation or second home properties
  • Non-resident mortgages
  • Permanent residents or non-permanent residents
  • Mortgages for those with past or present credit problems
  • Commercial mortgages
  • Credit repair
  • Credit rebuilds

Here are the 6 reasons why having a mortgage broker is better rather than not having one:

Free Broker Service

When shopping for a home to purchase, you must be aware of how much purchasing capacity you can buy. Mortgage brokers have mortgage calculators and they utilize it to present us with a quotation of mortgage pre-approval.

Pre-approval quotations include beneficial mortgage terms along with the lowest rate possible that they have to offer from known lenders both private and alternative, all of this for free.

They Handle All The Work For You

Mortgage brokers especially Canadian mortgage professionals make it a lot easier and convenient for us. They handle the paperwork and take into account your recent earnings, current debts, liabilities, current assets, bank statements, line of credit, credit score, as well as currently owned properties home equity for collateral purposes. They do all the work by submitting it to lenders.

Extensive Communication

Mortgage brokers are professionals who work hand in hand with their clients even outside of office hours. They maximize their time personally to achieve every client’s interest and goal as soon as possible within terms and conditions.

Wide Network of Connections

Your one application and one credit check could explore an array of mixed options. They usually have access to more than 90 lenders, including the largest banks, credit unions, trust firms, and financial institutions. This is without lowering your credit score and lagging behind valuable time from each company.

Deep Knowledge On Their Field

Possessing a comprehensive understanding of mortgage, they could provide solutions based on your needs. For instance, they could provide reverse mortgage cases, refinancing properties, lower fixed rates, and hybrid variable rates for particular specifications. At the very best, your requested loan would be paid by the lender with the rate guarantee in their terms.

Unbiased Professional Guidance

Every broker works separately from lenders unless they are tied or employed to a certain institution that sells their product. Mortgage brokers are gathering loan options from their range of connections to offer to their borrowers, then they provide guidelines for them to qualify on their application.

Final Thoughts?

Lower mortgage rates, mortgage payment, and higher mortgage loan could be possible with the help of mortgage brokers. Seeking individual expert advice from a mortgage broker could be rewarding especially if you are having long-term goals.  

It could be more economical for your budget. They customize solutions that best suit their client’s needs and no approval were the same.

Even if you are having bad credit for a mortgage application, it is still possible. You could get a mortgage with bad credit with the help of bad credit remortgage.

Whether you need a mortgage broker or not, there is no harm in probing these experts. You could start with your friends recommendations and let your financial health be on a better track.


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