5 Reasons You Should Hire A Mortgage Broker

Buying a home is often the biggest financial decision that most people make in their lifetime. This decision could be overwhelming, especially when it comes to securing the right mortgage for your financial goals. Traditionally, people would head to their local bank and speak with an in-house mortgage expert to explore their options. But is this really the best approach? In Canada, more people are turning to mortgage brokers to help them secure a mortgage and for good reason. In this blog, we will discuss why hiring a mortgage broker is a smart decision.

1. Access to Multiple Lenders

Mortgage brokers have access to many different lenders, unlike your local bank branch which can only offer you a mortgage from their own suite of products. When you make an appointment with a mortgage broker, you only need to meet with one person, just like you would when making an appointment with a major bank, credit union, or trust company. A mortgage broker has access to products from multiple lenders of different shapes and sizes, which means you have access to these products as well. This gives you more options to choose from and can help you find a mortgage that suits your unique needs.

2. Better Rates

Most mortgage brokers receive volume discounts from their top lenders, which means you’ll have access to lower mortgage rates than you could secure if you try to negotiate yourself, even from the same big bank. By working with a mortgage broker, you can potentially save thousands of dollars in interest charges over the life of your mortgage. This gives you more buying power today.

3. Independent and Impartial Advice

Mortgage brokers are independent and don’t work for individual lenders. They can offer impartial advice on a broad range of lenders and mortgage products. They can also advise you on which mortgage products are best for you, and tell you how much mortgage you can afford. This impartial advice ensures that you get the mortgage that is best suited for you and your unique financial situation.

4. Easy and Convenient

Meeting with a mortgage broker has become easier than ever. You can have a meeting either in person or over the phone, depending on your preference. Any necessary documentation can be sent through email.

While our services won't cost you anything directly, you may have to pay fees in certain situations. We charge a separate broker fee for working with alternative lenders and they may also charge a lender fee. We strive to be transparent about any fees involved and provide you with the best possible options tailored to your needs.

5. Access to Alternative Lenders

If your financial situation is a little unique, don’t worry. Mortgage brokers also work with “B” and alternative lenders, which may provide a solution to your specific needs. For example, if you're a full-time freelancer, or you’ve had credit issues in the past, a mortgage broker can still work with you. If you’re having trouble getting approved for a mortgage by yourself, a good mortgage broker can sometimes leverage their relationships with lenders to get you an approval.

When it comes to securing the right mortgage for your financial goals, working with a mortgage broker is a smart decision. They have access to multiple lenders, can offer impartial advice, and can help you find a mortgage that suits your unique needs. With better rates, easy and free meetings, and access to alternative lenders, hiring a mortgage broker can save you time, money, and stress.

If you're in the market for a mortgage, consider hiring me, your licensed Mortgage Agent at Mortgages by Garvin, to help you secure the best possible mortgage rate and product for your unique financial situation. I am committed to providing you with the best solution to meet your mortgage needs. Contact me to schedule a free consultation and let me help you achieve your homeownership dreams.

To learn more about the services we offer, check out our website by clicking here. To contact us, click here or call us at (647) 355-0340. Don't wait any longer; let's find the perfect mortgage solution!