Why Use A Mortgage Broker

Whether you are ready to buy a new home, need to do a home debt refinance loan, obtain a consolidation debt loan or just wish to lower your mortgage loan payments it is important to know how a mortgage broker / mortgage consultant - can assist you. You may ask why use one anyway? The simple answer is that a mortgage broker will represent you and present your mortgage loan application to the best Canadian mortgage lender that is willing to give you the lowest and best rate in Canada. A mortgage broker's first interest is getting you the mortgage loan that is in your best interest. This is an important distinction when compared to a bank loans manager who serves the best interests of his Canadian bank - and not yours.

How does it work with a mortgage broker anyway? Well, your mortgage broker will use automated computer systems that scan all major Canada mortgage lenders for the best rates and special discounts, then that same mortgage specialist will match the best terms and mortgage contract provisions with your own unique needs. Your mortgage broker also has millions of dollars of available private mortgage Canada funds from private mortgage lenders to help find you the best private mortgage loan if your situation requires it. It is the personal advice from a mortgage broker that makes a real difference. It may even make the difference of getting a mortgage loan or not. Sometimes, when one is in the worse financial situation possible it is only a mortgage broker that can find you a mortgage loan at all!

Imagine that you are in a room with a trusted friend who cares about you and your family and has a great knowledge about mortgage loans with all the very best Canadian mortgage lenders - with the sole purpose of finding you the lowest mortgage rate Canada lender.

Now, imagine others entering the room that are mortgage loan representatives from all the major mortgage lenders in Canada. They are there to consider your mortgage application. One by one they bid on your home equity loan or debt consolidation loan. Your friend continues to encourage them to improve their mortgage rates and mortgage terms. Those who come up with the most attractive rates then begin to explain what is special about their mortgage loan. After carefully considering what terms and options are important to you, and keeping in mind the best mortgage rates from the mortgage lenders, your friend will help you choose the very best mortgage lender that is best suited just for you. The experience is friendly and quick. Your 'friend' is your mortgage broker who is there to ask the right questions and to negotiate the lowest mortgage rate deal for you.

For most conventional residential mortgages where a client’s credit rating is at least ‘average to good’ there is no fee charged to you. A fee may be charged if based on the level of difficulty in arranging a mortgage home loan or debt loan in which a mortgage product is used. Your personal mortgage broker will either arrange for a new 1st residential mortgage refinance loan or just add on a second mortgage loan - for paying off your creditors. If your credit is changing for the worse, a fee is charged because it is harder to find a suitable deal with either a Canadian private lender or institutional lender. Of course, if you have good credit, and the deal is simple, then there is little reason to charge a fee to you. This is possible because the mortgage broker earns a referral fee paid by the mortgage lender. Such referral fees are quite standardized among Canadian mortgage lenders.

In specialty mortgage loans, we act as your personal mortgage specialist advisor, in giving advice for a commercial mortgage loan, private mortgage placement, second mortgage loan, equity home loan or debt loan. In these cases lender or broker fees may be charged. Any fee is disclosed and discussed before any work is commenced by the mortgage broker.

As your mortgage broker we have access to every - lowest rate - best mortgage lender in Canada. This competitive network of Canadian lenders breed lower rates on mortgages, which means big savings for you. We help you obtain an approval for your mortgage application. And to do that we bring a thorough understanding of lending guidelines and practices to our role as your personal mortgage broker. Did you know that Canadian banks have personality traits - conservative or aggressive, thoughtful or impulsive, complex or simple? It is true. Having knowledge of Canada lender traits enables us to bring the best Canada mortgage lender to you.

We have access to special lending programs that will provide further mortgage Canada discounts beyond best-posted rates. This is because Canadian Banks, Canadian Trust companies, and Canadian Credit Unions have their best mortgage rate sales and rate specials that change frequently and advise us first. They want us to submit our mortgage loan business to them first. We represent not just one lender but represent dozens of Canada mortgage lenders (how can a mortgage loan employee of just ONE bank tout herself to be a ‘mortgage specialist’ when she only recommends her own bank (employer)?) . Whereas we have to know them all - not just one! It is important to realize that all mortgage deals are not created equal. Just because the mortgage interest rate may be the same it doesn't mean it is the same mortgage document. For example, we will explore what you want in a mortgage. Short or long term, payment frequency, early payout, principal reductions and payment increases. Remember a mortgage lender can offer different mortgage interest rates but from only from one lending source - their own. We have access to almost all major Canada mortgage lenders.

One application means only one credit check. This is important. You are welcome to ‘Ask an Expert’ by email if you have any questions. It is free and very helpful. Our mortgage brokers will talk to you before any credit check is done. We do this - to save you time - but also to reduce the number of inquires on your credit report - because the larger the number of inquires means the lower your beacon score goes! This is not a good thing - ‘low is bad‘. So this raises another very important point in using a mortgage broker. Without one, when you walk into various Canadian mortgage lenders to apply for a mortgage approval on your own all these Canadian mortgage lenders will check your credit report! Did you realize that if you apply at multiple financial institutions for a mortgage loan they ALL check your credit and this would have a negative effect on your credit beacon score? A poor credit score will mean the difference of obtaining a good interest rate with best mortgage lender. The mortgage lender may or may not offer their best rate based on your credit score. That could cost you many hundreds - and maybe even thousands - of dollars over the term of your mortgage loan. Thankfully, when you use a mortgage broker there is only ONE credit check and this one report is used for shopping for the best mortgage lender. Most mortgages can be first arranged with a phone call. As your personal mortgage brokers we work for you, not the banks. We will arrange your mortgage loan application in the most presentable manner possible to find you to the best mortgage lenders. We will argue your cause and fight to get you the lowest mortgage rate which is always better than any of the 'best" rates you'll see advertised from a lender.

As mortgage brokers we are not your typical 'suit and tie' that makes you feel uncomfortable while staring at you across an imposing desk. We are online and ready to help you find the lowest mortgage rate deal out there! Call us or send an email to us today.

Greg Viger 604-942-1980 or email: greg@yourmb.com