The Benefits of Using a Mortgage Broker in 2020
A home is probably the largest purchase you will make in your lifetime. It is more than just a house, but a place where you spend your time and make memories. However, before you start dreaming of your new paint colours or white picket fences, there are several things you should consider. Dominion Lending Centres understands that shopping for a mortgage in Edmonton can be a daunting task.
You need to ask questions to find out if you are receiving the best mortgage terms and if the payment schedule suits you. Not all mortgages are created equal, it is important that your broker can explain and educate you on all your options.
Your first thought is probably to contact the big banks, however, a mortgage broker will look out for your best interest and ensure you are placed with a bank or lending institution that is right for you. Let’s look at the benefits of hiring brokers in Edmonton.
Benefits of Using a Mortgage Broker
1. They Work on Your Behalf
One of the advantages of consulting a broker is that they work on your behalf. When you walk into a bank, the loan officer you meet works for the bank. They probably receive commissions or salaries for better performance. The loan officer will only recommend the bank’s products to you, whether they suit your financial needs or not.
Mortgage brokers, on the other hand, work with hundreds of lenders. They are not affiliated with any financial institution and can, therefore, consult various lenders. Brokers help you find the best-priced deal.
2. They Save You Time
Mortgage brokers do all the heavy lifting when it comes to your mortgage approval. They shop around for low interest rates, favourable terms, and present you with the best options. This allows you to spend your time doing the things that matter to you.
3. They Offer Lower Interest Rates
Mortgage brokers deal with many lenders who are all competing for your business. Interest rates are offered at a discount to brokers in exchange for the volume of mortgages completed. This means lower interest rates than what a bank might be able to offer you directly.
4. They Secure Mortgages For Bad Credit
If you have a low credit score, securing a mortgage can be difficult. Understandably, you probably went through a rough patch or lost your job. If your mortgage application is turned down by traditional lenders, a mortgage broker will find you a suitable lender from their network of alternative lenders.
5. They Help You Find The Best Lender
Mortgages are complex, and there’s no one-size-fits-all solution. Everyone has different needs and finding a mortgage involves many questions and searching. Since mortgage brokers aren’t affiliated with particular lenders, they can consult various financiers in the market to find a solution for you.
6. They Provide Expert Advice
Mortgage brokers are specialists in the mortgage industry. They understand the jargon, tricks and pitfalls you should avoid when looking for a mortgage. By engaging a broker, you receive expert advice that will help you understand your loan and the biggest investment of your life.
Finding a Mortgage Broker in Edmonton
Finding the best mortgage deal, especially on your first home, can be challenging. However, with expert help, you can secure a mortgage that suits your financial needs.