You might be wondering: “why should I use a mortgage broker when I can just walk in to my bank?”

Although it may appear more “conventional” to work with a bank, a mortgage broker can offer vast advantages including numerous loan programs, borrower benefits and impartial advice. Those that have used mortgage brokers can testify to the fact that their services are valuable. Whether you’re planning to purchase your first home, or you intend to renew your mortgage, this article will give you reasons why you should hire a mortgage broker.

• One-Stop Shopping

Organizing appointments with different mortgage lenders is a time-consuming process. Since mortgage brokers work directly with lots of lenders and have the ability to pick the lender that suits your situation, they can make the whole process fast, easy and convenient.

• More Competitive Rate

The wide access that mortgage brokers have to lenders gives borrowers extensive options. With this, they can get you competitive rates. They can also help you with sourcing mortgage default insurance if you have a down payment that is less than 20% of the property’s cost price.

• Accessibility

Mortgage brokers have access to many lenders’ rates and mortgages. Brokers can help you verify lenders and negotiate for better rates on your behalf. When you try to ignore brokers and go directly to banks, you may end up being faced with tougher higher interest rate and/or additional fees can cost you thousands of dollars.

• Personalized Service

Mortgage brokers can provide mortgage products that cater to your situation. Since they have access to lots of lenders, mortgage brokers can find a lender as well as a loan that align with your individual needs in order to give you the best mortgage rates. Even though they work with many lenders, when you as a customer work with a broker you are working with the same person from start to finish. Not past off from department to department in the big banks.

• Convenience

Unlike banks, mortgage brokers can give you appointments at a time and place that’s convenient and comfortable for you (whether it’s during working days or weekends). This is very useful for those that are very busy and those that have family commitments.

• Professional Advice

Mortgages go beyond mere interest rates. A mortgage broker can educate you on what the different mortgages entail so that you can make an informed decision. When you know the advantages and disadvantages of the different options that you have, you will be able to make the decision that will help you end up with the right mortgage. Mortgage brokers have the expertise and insight to help you decide how different loans will perform.

Conclusion

Purchasing a home will probably be one of the biggest investments you’ll ever make in your life. In order to make the best decision, it is valuable to hire the service of a mortgage broker to finance the purchase. Mortgage Specialists can help you actualize your dream of becoming a homeowner. Get in touch with us to be pre-approved and to discuss your financing options.