Working With a Mortgage Broker: Your Questions Answered
Have questions about working with a mortgage broker? We have answers!
What Does a Mortgage Broker Do, Anyway?
A mortgage broker is a licensed, independent professional who acts as an intermediary between you and potential mortgage lenders. It is your broker’s job to negotiate with lenders on your behalf to bring you the best mortgage products and rates available on the market (while providing top-notch advice and guidance).
What Are the Benefits of Using a Broker?
Money – When it comes to mortgages, there is no one-size-fits-all approach. And the wrong “fit” can cost you potentially thousands over the lifetime of your loan. The right product, paired with your broker’s expert negotiation skills, can amount to significant savings.
Time – With so many lenders and products to choose from, finding the best deal can be both time-consuming and frustrating. That’s where your broker comes in. Their vast network of lender connections makes it easy to zero-in on the right product and rate as well as expedite the application process overall.
Expertise – Your broker is there to represent you and your best interests (not the lender). For this reason, you can count on them to negotiate aggressively on your behalf and find the perfect product for your needs.
Should I Go to a Broker First?
Yes! As many mortgage approvals depend on a professionally delivered loan application, your broker will help guarantee the success of your loan. Of course, you can still work with your bank, but here again, we recommend talking to your broker beforehand as they’ll negotiate a better rate on your behalf.
How Will a Broker Help Me Get the Best Rate?
Having forged solid relationships with a variety of lenders, mortgage brokers have access to a multitude of different products and rates. They’re also what you might call professional “matchmakers,” as they know which lender will be suited to an applicant’s unique needs and vice versa. In addition, some lenders will only work with brokers directly, therefore it pays to have a broker on your side when it comes to widening your pool of lender possibilities.
Are There Other Reasons to Use a Broker?
Absolutely! Your broker won’t just save you time, money and provide endless expertise. Other reasons to work with a broker include:
They’re FREE to use
Faster approval process
The ability to access deals, add-ons, etc.
Do Brokers Specialize in Anything Other Than Residential Mortgages?
As a matter of fact, we do! Here at the Edmonton Broker, our knowledge and expertise extend well beyond residential mortgages (first-time buyer help, refinancing, renewals, etc.) to include a variety of other products and services. For instance:
Commercial Lending Programs – Specializing in all things commercial mortgage related
Investment Property Programs - Let us help you with your next big investment!
Mortgage Life Insurance – Helping you protect what matters most
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