1. What is a Mortgage Broker?
Mortgage brokers are independent, trained professionals licensed to represent and provide you with the best advice for your mortgage needs.
2. Why deal with a Mortgage Broker?
Mortgage brokers represent you, the customer, not the lender. Because they are not employees of a lending institution, brokers are not limited in the productthey can offer you. Choosing the wrong mortgage can cost you thousands of extra dollars. Mortgage brokers are trained professionals who can help you save on your mortgage dollar.
3. Other than rates, why should I use a Mortgage Broker?
In addition to rates, because mortgage-based financing is the broker's primary business, he or she has developed expertise in what type of mortgage financing each lender prefers to pursue. This kind of knowledge not only results in the most favourable rates for each project, but often whether a project is funded at all.
4. How do Mortgage Brokers Find Superior Rates?
Interest rates are a concern to borrowers. Your mortgage broker keeps current and knows which lender to approach first. As a result, mortgage rates obtained by brokers are among the best available at the time of placement.
5. Why should I go to a Mortgage Broker first?
Your mortgage broker is trained to present your mortgage proposal where and how it will get the most immediate, positive result.
6. Do Brokers only do Residential Mortgages?
Brokers can place all types of loans provided they are backed by mortgage collateral. This includes small loans backed by a residential property to million dollar commercial loans backed by commercial property.
7. How do Brokers get better deals than many Banks?
The lenders who work with mortgage brokers include traditional sources, such as chartered banks, trust companies, as well as corporate and private pension funds. In addition to these sources, brokers often develop professional relationships with private sources of funds, termed private lenders. These lenders can provide many various mortgage products not available at conventional sources. For best results call your Broker first.
8. Can I still go through my bank with my Broker?
Yes, letting a mortgage broker represent you to your own financial institution can often result in a better rate than you could get on your own.
excerpts taken from "Why Choose a Mortgage Broker" Vandal Financial - Jeff Vandal owner.