3 Ways a Mortgage Broker Can Help You
February 5, 2020 | Posted by: Calum Ross
As a Toronto mortgage broker, I know how stressful it can be going through the mortgage and house buying process. Working with a good mortgage broker can be a lifeline during this time with several benefits. Today, we’ll look at the 3 ways a mortgage broker can help you.
What a Mortgage Broker Does
Mortgage brokers are financial advisors whose area of expertise is mortgages. Our job is to work in your best interests to help find a mortgage package that is suitable for your financial situation. A reputable mortgage broker can give you invaluable advice through the mortgage process.
Mortgage brokers have the qualifications needed to find you the best mortgage packages out there. We are familiar with the industry and know what changes are or will affect the mortgage process, for example, the mortgage eligibility stress test was a recent change that caused a lot of stress for first-time homebuyers. We have access to tools that can help you find ways to get you qualified for a loan, and access to a large pool of lenders to offer as many options as possible.
We Get Things Done Faster
On top of that, we can get things done a lot quicker when dealing with lenders. We know what criteria each lender looks for, so we will make sure all of the necessary paperwork is submitted. This means no delays having to resubmit information or dig up paperwork you didn’t know you needed. Also, if one lender turns you down, we will help you find one that accepts you while making sure the loan you get is one you can cope with. We do all of the chasing for you as well.
There is also all the red tape to get through! The mortgage process can feel like a minefield when you aren’t aware of what to look for. This really helps to alleviate the stress of trying to apply for a mortgage on your own. There is a huge difference between getting yourself a quote from a comparison site to actually choosing the best mortgage package. It’s not always about taking the cheapest rates. Mortgage brokers will take the time to thoroughly go over your finances before giving our recommendations. Our services are personalized to your requirements and needs.
When you go for a mortgage directly from a financial institution, you are only being given the options that they offer. While you may get their cheapest deal, you can often find something better elsewhere. Mortgage brokers have access to many lenders and their products. This means we can help you to save money along the way.
A reputable mortgage broker works for you, not the lenders, to get a mortgage package that will benefit you over time. Their advice is unbiased, and you aren’t restricted to using just one lender.
We also go beyond the actual mortgage! We can look at payment protection options, building and contents cover, and life insurance that is based around your mortgage agreement. So, you are getting a range of services based on your own needs. As part of our firm’s alliance with a wealth management firm our clients also receive a complimentary review of their investment holdings by a full portfolio management firm.
If you are looking to apply for a mortgage, give our Toronto mortgage broker team a call today!