Need a Mortgage? Use a Broker!

Here are some tips and information: Statistics show that in Canada, about 7 out of every 10 mortgages are arranged with mortgage brokers! And a good part of them, are funded by Banks! Then why use a Mortgage Broker?

With one credit check and one application, I as a Mortgage professional, can access all the Banks and private lenders in the market out there, on your behalf. Every time, someone does a credit check on you, your credit score will lower. Avoid shopping around on your own and get credit hits. All that does, is lower your score, and Lenders have minimum credit score requirements. If you’re below it, you will be automatically declined. As a general rule, the lower the score, the higher the interest rate!

Use a Broker, even if it’s to get a mortgage from your own Bank. Chances are that we will get a much lower rate than you do. It’s all about volume: You go shopping for a mortgage once every 5 years. In my personal case, I do several per week! So, yes, Banks are going to be a little nicer to me. Let me pass on the savings to you!

Question all the fees! On Bank mortgages, we get paid by the Banks. On private mortgages, sometimes, the lenders pay us as well. If you get a quote from a broker and start seeing too many fees, or they seem too expensive, get a second opinion! Always make a point of having paperwork reviewed by your own lawyer, to make sure you are being treated fairly!

Do what’s best for you, not what makes others happy!