When I’m talking to a new client one of the first questions that always seems to come up is “why would I use a mortgage broker?”. It then occurred to me that most people don’t know what a broker does for a borrower and there are some misconception hovering around. I decided that I would write this post to set things straight.
1. Mortgage brokers are free of charge to the borrower.
Lets make something clear that most people don’t know about when getting into a mortgage. Using a broker is free of charge! Bet you didn’t know that.
You might wonder how I stay in business then, well I get paid a finders fee through the lender.
With that said why wouldn’t someone take advantage of a broker?
Well they don’t know that there is no cost to them for our service and secondly they may not know what a mortgage broker brings to the table.
2. Mortgage brokers have the power to buy down rates for the borrower.
Mortgage brokers are invested in your best interest and they also have some perks that when going straight to the lender you wont be able to get. For example because I do a high volume with some lenders I’m able to give up part of my commission for you to actually give you a lower rate then you’d be offered by going straight to the lender.
Yes that’s right, not only is my service to you free of charge but I also give up part of my finders fee to get you an even better rate.
3. Mortgage brokers work with a verity of lenders and can find the best mortgage to suit your situation.
Generally when looking for a new mortgage borrowers are focused on rates. How much money can I save in interest?
This is exactly what a mortgage broker does everyday. I’ve gotten pretty good at it.
What people don’t know is that even though there is a listed rate that doesn’t mean that just anyone can get it. There are a few factors that you need to qualify for the best rate. Everyone’s financial situation is different and therefore lenders will treat each individual differently.
The good thing about using a broker is that they can work with a variety of lenders to find the best mortgage that suits your needs.
4. Having a mortgage broker gives you the expert advice before, during and after.
If you’re a first time buyer I highly recommend a broker and even if your not a first time buyer I still recommend a broker.
Utilizing a mortgage broker is a no brainer.
Not only will you be getting a low rate, at no cost to you and access to the wider market but you’ll have an expert to call throughout the life of your mortgage. Building a solid relationship with your mortgage broker is important, same way you would with your dentist or your financial planner. Your broker can provide ongoing advice and guidance weather it’s tips to pay off your mortgage more quickly or how best to finance a vacation or investment property.
I truly believe in the work that I do. I have help 100s of people get into their homes and do my best to get each person the lowest interest rates. A mortgage is one of the biggest debts that a person will most likely take on in their life. I know this and respect the trust that people put in my guidance. I’m here to help and would be happy to work with you. Don’t settle for less in this big step of your life.