The most important strategy that you, as a home buyer, can ever have is putting together a team of real estate professionals to help you make the wisest decisions regarding the biggest purchase you will ever make; a property purchase.
It is so very important to align yourself with a Realtor with excellent property and market knowledge, an accountant that understands the tax implications of buying a property, a house inspector who knows what weaknesses to look for in the structure of a property, a lawyer/notary who has experience in property purchase contracts and, of course, a mortgage broker who knows what products and offers are available and who can get you the best terms and the sharpest rates available.
While you can simply go to your bank and get a mortgage (if you qualify), is it really the wisest decision to have that conversation with a financial officer at the bank without really knowing the ins and outs of what terms and conditions of a good mortgage should be?
So, how can a mortgage broker help you make this decision? Or, better yet, why should you use a mortgage broker in the first place?
1. Specialized Knowledge in the Mortgage Industry
Mortgage professionals reduce the stressful task of putting a mortgage application together and finding the best home for your mortgage. A good broker will explain all your loan options and suggest the programs that could be financially beneficial.
When you go to the bank, and speak with that same financial officer, they will only be able to provide you with information related to their bank. Simply put, they only know the products offered by the bank they work for and are not able to suggest other products offered by alternative banks, even though it may be a better option for you.
Due to the sheer volume of mortgages that busy agencies arrange, mortgage brokers have access to special discounted rates that are not available through other channels. This coupled with the specialized knowledge in the mortgage industry, they will always know what producats are available and are aware of the sharpest rates being offered.
2. They Work For You
Reputable brokers have your best interest in mind first!
As mortgage brokers rely heavily on referrals, they will always work to ensure you are always happy. Working closely with you on your terms remains a good mortgage brokers primary directive.
While other marketing efforts are pursued, referrals remain a brokers bread and butter, this in turn means you call the shots!
3. Flexibility
Not being confined to an immovable roster, good mortgage specialists are available and flexible with meetings and appointments.
With an understanding that people are busy and time is valuable, they’ll work on arranging convenient times on your schedule. This means you don’t have to take time off work, miss that soccer match, or wait 2 weeks (potentially missing out on the urgency of information) like you may have to with a bank.
4. Financial Coaching
Financial coaching is part of the overall value that you receive from a good mortgage broker. Advising you on how to use your credit and what to avoid in the preapproval process will help you make your financial profile look favourable in the eyes of the lender.
5. Services Are Free
Best of all, services are free! The lender provides a commission to the broker while you end up with the best possible mortgage at no additional cost for the leg work. In addition a mortgage broker will pull you credit only once and will approach several lenders with the same “pulled” credit bureau. This is just another way a mortgage professional helps you and protects your best interests!
At the end of the day, a mortgage broker is dedicated to providing you with the best service and options available to you.
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