Mortgage brokers (MBs) do not only work with people who have bruised credit. Mortgage brokers represent all the major banks, and the majority of clients are just people who want to know they are getting great service and great rates.
Mortgage brokers work with Canada's leading financial institutions including banks, trust companies and credit unions. They include Scotiabank, TD, RBC, National Bank, CIBC, ING, and many others.
Because MBs send these lenders an exceptional amount of mortgage volume annually, the lenders in turn, provide the MBs with exceptional rates, fast turnaround times, and flexibility with approvals.
When you use a MB there is no cost to you. The lender pays them a fee for finding and bringing them your business. Remember, it saves them from the cost of additional employees in wages, vacations, training costs, office space and benefits. MBs only earn a fee if they arrange a mortgage for you. The fee is the same regardless of what lender is chosen and it is not built into your rate.
Often, people will make the time consuming mistake of going to multiple lenders themselves, attempting to negotiate the best rates. Each time a financial institution pulls your credit report, your Beacon Score (credit score) actually drops. Sometimes the very exercise of trying to find the most competitive mortgage actually disqualifies you from qualifying. A MB will forward your credit report electronically to lenders so that it isn't pulled repeatedly.
If you would like more information on how a MB could be an advisor on your next home purchase or refinance, please contact Gary Chambers 403.820.2121 or Kimberly Suntjens 403.820.2100 at Century 21 Power Realty in Drumheller. The Chambers Real Estate Team would be honored to help you find the home of your dreams, a revenue property, a piece of land or even a condo.