Is Going with a Mortgage Broker Right for You?
Let’s face it: shopping for mortgages is tough. There’s a lot of information to sift through and a long checklist waiting to be done. You’ll use the excuse that you’re too busy and keep procrastinating. This will lead you to making the wrong decision by going with your bank or a mortgage broker who may not be offering you the best deal. But, mortgages don’t have to be tough. Or boring. Think of it as paving the way for a new life or leading your company into the great unknown.
So, is going with a mortgage broker best for you? Walk with me…
Assess What a Mortgage Broker Does
Canadian mortgage brokers are licensed and must maintain their accreditation. This means they are always in the know of the latest information on the Canadian real estate and mortgage financing market. Canadian mortgage brokers provide you with expert advice according to your requirements, the market updates, rules, and regulations.
Canadian mortgage brokers have more contacts among lenders because some them only work with brokers to get good clientele. Because mortgage brokers work with so many lenders, they help you get offers from exclusive lenders and protect you from shady ones.
Mortgage loans can have fees attached to them set by the lender, such as:
- application fees. This type of fee is upfront and is for the lender’s efforts of processing the application. Sometimes, it’s combined with the origination fee.
- origination fees. This type of fee acts as a payment for delivering the loan.
- appraisal fees. This type of fee is for an appraiser to evaluate the property you want to purchase.
The good news is, a Canadian mortgage broker works with lenders to waive these fees, which can save you hundreds and even thousands of dollars.