Why you still need a mortgage broker

With inventory challenges expected to continue in key markets throughout 2016, competition is omly going to get tougher. Succeeding at winning those few coveted properties is going to depend increasingly on mortgage broker muscle - after all, online mortgage calculators will only go so far.

Local mortgage professionals are tasked with keeping up-to-date on the latest product offerings from a number of different lenders. They have intimate knowledge of various features and options, especially for buyers facing business-for-self restrictions and investors challenged by the so-called four-door rule.


6 reasons to use a broker

1. Brokers offer more choice: If you go directly to your bank, you will only be offered products from that financial institution. Mortgage brokers have relationships with several different lenders - including many banks - and are knowledgeable across each lender’s range of products.

2. A broker works for you: As small business owners, word-of-mouth makes or breaks a broker's business, making them more motivated to act in the clients’ best interests.

3. Brokers are skilled negotiators: Brokers’ skill and experience, combined with their relationships with lenders, help them negotiate rates that are often better than what borrowers could achieve on their own. 

4. Brokers are client-centric:  Are you looking for the cheapest rate? Are you interested in paying off your loan sooner? Are you planning on buying another investment property? A mortgage broker will interview you to find out what you want out of your home loan and work to find the best product to suit your needs and home ownership goals.
5. Brokers take care of the paperwork: Brokers help their clients complete and submit the mortgage application, as well as gather the documentation required by the lender.

6. Brokers read the fine print: After you’ve received your loan approval, the broker can help you understand the document and conditions of the contract. As well, the broker can walk you through the next steps leading up to the closing of the mortgage transaction.

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