Why Use A Mortgage Broker??

First lets take a look at what exact they do. A mortgage broker (or consultant/specialist) is an independent agent, an intermediary between you the consumer and the mortgage lender. The mortgage broker /specialist will shop the available lenders to find the mortgage product that offers the best combination of features, options and rates to suit your individual circumstances. The best part – depending on your credit picture – there is no charge to the consumer for the service! The mortgage broker /specialist’s fee is normally paid by the lender. With fluctuations in interest rates, homeowners have become more aggressive in seeking out the best terms from a lender. According to stats culled by the Canada Mortgage and Housing Corporation (CMHC) more than 50 percent of Canadian home buyers accept the first rate their bank offers. Not only does that mean most of them are settling for the first quote, but that the majorities are not using a mortgage broker. When applying for a mortgage at your local bank they can pull anywhere from 1 to 2 credit checks on you. As we know the more credit checks the lower your credit score will be. When applying for a mortgage through a mortgage broker /specialist they check your credit only once and they are able to use that report and submit your application to over 30 mortgage lenders multiple times. Another plus about going to a mortgage broker is that some lenders only accept applications from mortgage brokers only. A mortgage broker can also be a source of information and an unbiased help in finding the options available in the mortgage industry today. Wondering about the advantages of refinancing? Want more information on the Home Buyers Plan? How about advice on adjustable term mortgages? Having problems getting a mortgage because you’re self-employed? Or maybe you need special help arranging financing for an investment property. These are the kinds of issues a mortgage broker can help with, and at no cost to the buyer. To find your local mortgage broker /specialist use this member search on Xpress Property Xchange (XPX.ca) to find one closest to you!