29 Jan 2016
How Do Mortgage Brokers Help?
The most important strategy that a home buyer could ever have is putting together a team of Real Estate professionals to help them make the wisest decisions in regard to the biggest purchase they will ever make; a property purchase. It is so very important to align yourself with a Realtor who has excellent property and market knowledge; an Accountant who understands the tax implications of buying a property, a House Inspector who knows what weaknesses to look for in the structure of a property, a Lawyer/Notary who has experience in property purchase contracts…
…and, of course, a Mortgage Broker who knows what products / offers are available and who can get you the best terms and sharpest rate available.
While one can simply go to their bank and get a mortgage (if they qualify), is it really the wisest decision to have that conversation with the financial officer at the bank without really knowing the ins and outs of what terms and conditions of a good mortgage should be?
Mortgage Brokers are meant to be professionals that reduce the stressful task of putting a mortgage application together and finding the best home for your mortgage. A good Mortgage Broker will explain all your loan options and suggest the programs that could be financially beneficial. When you go to the bank and speak with that same financial officer, they will only be able to provide you with information related to their bank. Simply put, they only know the products offered by the bank they work for and are not about to try and suggest other products offered by other banks, even if that is a better option for you.
Busy Mortgage Brokers that work for a successful mortgage arranging company have access to discounted rates that are not available anywhere else. Because of the sheer volume of mortgages that a busy company arranges, Mortgage Brokers are given better rates that you can’t find on your own. Since the Mortgage Broker is arranging mortgages every day, they know what products are available and they are aware of the sharpest rates being offered.
Reputable Mortgage Brokers have your best interest in mind FIRST! A good Mortgage Broker understands that if you are happy as a client under their direction, then you will likely refer your friends and family back because you have had a successful and satisfying outcome with your mortgage arranging experience. Mortgage Brokers rely on referrals and although they continue to market their services, referrals remain the bread and butter for a Mortgage Broker.
Mortgage Brokers are available and flexible with meetings and appointments. They are not confined to an immovable roster but work with you on your time. Generally, people are busy, and time is a valuable commodity. Mortgage Brokers will arrange a time to speak with you at your convenience, so that you don’t have to take time off work and loose wages, or wait two weeks for an appointment with your bank’s financial advisor and miss out on a time sensitive purchase.
Mortgage Brokers advise their clients on how to make their financial profile look favourable forto the lender. Financial coaching is part of the overall value that you will receive from a Mortgage Broker. Advising you on how to use your credit and what to avoid in the preapproval process is all part of what a good Mortgage Broker does for their clients.
Mortgage Broker services are FREE! The lender pays a commission to the Mortgage Broker and the client ends up with the best possible mortgage at no cost for the arrangement. The Mortgage Broker will pull your credit only once and will approach several lenders with that same “pulled” credit bureau…. yet another way a Mortgage Broker helps their client’s and protects their clients best interests.