Today, about 30% of Canadian homeowners arrange their mortgages through mortgage brokers – independent specialists with extensive knowledge of mortgage lenders’ product offerings, their features and benefits, and contacts throughout the lender community to ensure competitive rates.
What can a Mortgage Broker do for you?
Mortgage Brokers are experts dedicated to finding the right mortgage solution and simplifying the mortgage financing process. The Broker will take the time to understand your individual situation and tailor the best solution from among the hundreds of products available to today’s homebuyers. Brokers complete all the paperwork and keep up-to-date on industry issues and changes that could affect the decision you make about which mortgage solution is
right for you.
A Mortgage Broker will save you time. Comparison shopping involves going from lender to lender repeating your story, asking the same questions and analyzing the answers. That’s time most people don’t have. On top of that, home financing is highly competitive and each product can be complex, which is why you should have an expert on your side.
A Mortgage Broker will also work with you on strategies to manage monthly payments or improve your credit rating.
Questions to ask your mortgage broker:
1. How long have you been a mortgage broker?
2. How long has your company been in business?
3. Can I get references from your clients?
4. How do mortgage brokers make money?
5. What is your experience with this type of transaction?
6. What is the process for closing my mortgage?
7. How quickly can it be done?
8. Which lenders do you work with and why?