Why Use a Mortgage Broker?
You can have access to mortgages that are not readily advertised to you. Many individuals prefer to work with a broker regardless of their situation because it gets them access to most financial institutions with the best mortgage rates available plus a variety of mortgage products. In addition, some lenders work exclusively with mortgage brokers, meaning that you, the borrower, would have access to mortgages that would otherwise not be available to you.
A mortgage broker works on your behalf to find the right mortgage for your situation, and as an independent brokerage, they can place your mortgage with whatever lender is the best fit for you.
Why not take advantage of the knowledge and advice of a mortgage broker. A mortgage broker is a completely independent representative from all banking institutions; therefore, a broker will be able to represent you and get the best mortgage financing terms.
Mortgage brokers have access to low interest rates the banks do not want you to know about. Brokers generate most banks millions of dollars in new business each year, in return most of the banks will compete among themselves to offer brokers great low-rate discounts which are then passed on to you.
Mortgage brokers mainly work for customers who want a mortgage for the purchase of a house, transfer their mortgage or refinance a mortgage to consolidate debt, renovate the house, invest in a second home or for any other project.
Who pays the Mortgage Broker?
A mortgage broker may be compensated by the lending institution or by the borrower (depending on whether the deal is done with a “B” or “C” lender). The fees vary greatly, but a mortgage broker generally earns 1 to 2% of the total mortgage and most of the time gets paid by the lending institution after the mortgage closes.
Using a mortgage broker is always the right way to go. A mortgage broker is a completely independent representative of all lending institutions, and he or she can represent you and negotiate the best financing terms and the best mortgage rates on the market.