Shops Around to Save Time
Despite online ads following you around the internet, shopping around for mortgage options can take a lot of time. There are many lenders and lending products out there, and it's not always clear how to narrow the choices. If you enjoy hours of internet research and reading the fine print, then you're in for a treat. If that's not your idea of a fun Saturday night, a mortgage broker can take care of the shopping for you. He or she already has a good handle on what's available and can quickly narrow it down to the few best options while you commit your time to more pleasant endeavours.
Access to More Choices
When you go to your bank for a mortgage, they'll generally offer one or a few types of mortgage products at a standard set of fixed or variable rates. Their goal is to match you up with a mortgage that best fits your needs. Mortgage brokers have access to products from many different lending partners, so the pool of choices is much larger. Finding the mortgage that is just right for your financial situation is the goal of your mortgage broker.
Manages the Paperwork
How many mortgage applications do you want to fill out online? None? A mortgage broker can help by taking your information once and using it for any applications for preapproval or final approval. Lenders may ask for different documentation types depending on your financial situation, for example, if you are self-employed. A mortgage broker can make the process easier by giving direction on what lenders will consider acceptable proof of income.
Explains the Difference Between Apples and Pears
Mortgages are not all the same. Every lender offers a variety of options for repayment, locking in rates, refinancing, and more. This creates difficulty in comparing one to the others. A mortgage broker can explain the features that are a fit and those that won't help you achieve your financial goals so you can compare mortgages more easily. They will also help you choose the right suite of features for what you need.
Ultimately, a mortgage broker makes it easier for you to get the right mortgage with the best rates. They take the stress out of shopping for more mortgages and eliminate confusion over the details and fine print. Best of all, there's no cost to your work with a mortgage broker!
Give me a call at 905-933-1090 if you are a first-time homebuyer, are looking to refinance, make a move or make a real estate investment.