Still Shopping For A Mortgage At Your Bank?
Carol Candy AMP, PFP
The average consumer will approach their Bank, perhaps another one or two of the Big Banks and maybe a Credit Union or two in the hopes of finding the best “deal”. However, a Mortgage Broker has access to dozens of lending institutions and therefore can offer you the best interest rates available in the market place.
To access the multitude of financial institutions you will have only one application interview with the Mortgage Broker instead of an interview with each lending institution when you apply on your own. Your Broker then sends your application to a number of lending institutions and provides you a choice. Therefore when you use a Mortgage Broker, only one Credit Bureau Report is requested and sent to the lending institutions instead of a Credit Bureau Report being pulled at each interview when you apply on your own. This is very important when trying to protect your Credit Rating.
A Mortgage Broker is an expert in mortgages and is very familiar with the different rules of the various Banks and lending institutions when it comes to the terms of the mortgage. Your Broker will help you choose the mortgage which best suites your needs and situation. And you will have more choice than just the Big 5 and a couple of Credit Unions. Your Broker will present you with a variety of mortgage products and interest rates, and will provide an opinion as to which mortgage best suites your needs. You will receive expert advice.
And because Your Mortgage Broker is very familiar with the different rules and lending guidelines between the various lending institutions, the Broker will know which institution will approve your mortgage based on your circumstances.
You should use a Mortgage Broker because: You save time. You eliminate frustration. “One Stop Shopping”. You can save thousands by finding the lowest interest rate. And only in very rare situations will a Mortgage Broker charge a fee because most lending institutions pay the Broker a finder’s fee.