Busted! Don’t Believe These Myths Mortgage Brokers!

As the housing authorities have enforced stricter rules on lending amid the recession caused by the pandemic, for a mortgage borrower, it can be a confusing time. Seeking advice from a mortgage specialist during these volatile times can be your best bet in understanding these market conditions. However, amidst the crisis, there have been certain misconceptions surrounding the role of mortgage brokers and their service among borrowers.

Mortgage brokers are versatile experts and help you find a mortgage product from a tricky financial situation. Sadly, believing in some of the myths and false facts surrounding their services can dissuade you from benefiting from these experts. To separate fact from fiction about brokers and their services, Victor Matos Mortgage Agent has debunked some of the most widely believed myths about mortgage brokers.

Myth 1: Some brokers approve everything.
This is far from the truth! If your mortgage broker claims that they can approve anything, then there’s a possibility that they are either forging documents, lying on an application, or probably covering their tracks exceptionally well. When your applications are randomly audited, it looks like it was you who provided this false documentation. It would be best if you were very careful of who you deal with when it comes to mortgages.

Myth 2: My mortgage broker is available to me anytime.
Like every individual, a mortgage broker has their personal lives. Yes, we can accommodate to see you after hours or the weekends on an occasional basis, but be respectful of our personal time. If you were to deal with a Bank, you have to follow the bank’s operating hours.

Myth 3: A mortgage broker is going to charge me for their work.
Like most people, you may be unaware of how mortgage brokers are compensated. In most cases, agents are paid by the bank for directing clients to use their products. Although some brokers use private lenders or companies, these brokers need to charge for their services. Although the amount is usually equivalent to the amount that a bank would pay a mortgage broker, to deal with any of these private companies, you need a mortgage broker to help you.

If you’re looking to steer clear these myths about mortgage brokers, reach out to Victor Matos Mortgage Agent. As one of the leading mortgage experts, insurance agents, and investment advisors, in Hamilton, ON, I will help you understand all your financial needs and provide you with a financial product that will work best for you. Through my service, you will receive unbiased information and guarantee that you will get the best mortgage deal possible. My services include home purchase mortgage, mortgage renewal, mortgage refinancing, home equity mortgage, and its available to clients across Hamilton, Oakville, Burlington, Binbrook, Ancaster, Brantford, Caledonia, Grimsby, Stoney Creek, Cayuga, Dunnville & St. Catharines, ON.

For a complete list of my services, please click here. If you have any questions about mortgages or brokers, I’d love to hear from you, please contact me here.