Do I really need a mortgage broker?

Learn why it makes sense to work with a mortgage broker

My mom is a fountain of knowledge and experience. She can balance her bank book, bake the perfect apple cobbler, and keep her house looking spotless. But when I asked her about mortgage information, she was at a loss. When she got her first mortgage, she went to whomever was recommended and let the lender do it all for her. Luckily, times have changed and women now have far more control over their financing options. If you're looking for the lowest mortgage rates around (and let's face it, we all are!), focus your attention on a mortgage broker. Why use a mortgage broker? The answer is simple: a Canadian mortgage broker is a professional trained to represent you, the borrower, in obtaining financing from the best possible lending source.

What is a mortgage broker?

A mortgage broker is a professional who is paid a fee in order to review available rates and scout out great mortgage opportunities. Canadian mortgage brokers usually work with a network of dozens or even hundreds of lenders in order to source competitive mortgage rates. Compare that to a local bank lender, for example, who typically only has access to their own mortgage offerings, and it's easy to see why working with a broker makes sense.

Why use a mortgage broker?

Your time is precious, so why waste it going from institution to institution searching for a reasonable mortgage rate? Canadian mortgage brokers are constantly reviewing interest rates and mortgage products – that's their job! Professional mortgage brokers review rates from chartered banks, trust companies, credit unions, and private funds in order to locate the best lender packages and lowest interest rates. Why use a mortgage broker? Because they can help you save time and money, and let's be honest, every woman could use a little more of both these days!

The benefits of working with a mortgage broker

The following are just a few of the reasons why women should consider working with a mortgage broker:

1. Working with a mortgage broker will help save you time and energy by gathering all of the documents necessary to secure a mortgage. This will include tracking down your credit reports, employment verifications, asset disclosures, and property appraisals.
2. Your mortgage broker will submit all of the information to your lender in order to speed up the approval process.
3. Worried that your credit rating could hurt your house hunting abilities? A mortgage broker can help you to find an affordable option that suits your unique needs and works within your family's budget.
4. A professional broker can also provide basic credit counselling in an attempt to assist borrowers with correcting credit issues, as well as priceless mortgage planning tips to help keep your finances on track.

Mom knows best when it comes to many things (think how often you call her for advice!), but when it comes to mortgages, trust the professionals. Canadian mortgage brokers have the knowledge and experience necessary to find the best possible mortgage product for your unique needs.