Why a Mortgage Broker is Your Best Option
Posted on Oct 18, 2013 in Mortgage Market Updates and NewsPosted by: ON the GO Magazine in House and Home
Whether it’s your first time or your fifth time, shopping for a mortgage can often be confusing and even frustrating. Besides, who really has the time to research and compare mortgage lenders to ensure the best deal? Then there are all those crazy terms and acronyms — beacon scores, LTVs, IRDs and porting – it can make your head spin! Isn’t there an easier way?
There is indeed, and that’s where the expert care of a licensed mortgage Broker can be your best option.
Mortgage Brokers work for you, so they can offer more options than any one mortgage lender. Plus mortgage lenders — like MCAP — only work with brokers who have been thoroughly vetted and have a valid broker licence. They not only help find the best deal for you, they stay at your side every step of the way.
There are four main advantages to using a mortgage Broker: choice, advice, service and savings.
Choice: Only mortgage Brokers can provide the wide range of mortgage products from various lenders to meet your specific financial needs.
Advice: Mortgage Brokers offer alternatives in selecting a mortgage product and other financial services that are best suited for your situation.
Service: Mortgage Brokers work with your schedule and are there with you from the first meeting to the final close.
Savings: Mortgage Brokers save you money by providing — on average — lower interest rates. According to a study* conducted by the Canadian Association of Accredited Mortgage Professionals, home owners who renewed or renegotiated with a mortgage Broker reported an average rate decrease of 1.4% compared with 1.0% among all renewers.
These four reasons are also why mortgage lenders like MCAP work solely through a national network of trained professional mortgage Brokers. MCAP and other independent mortgage lenders know that a mortgage Broker will help make a home purchase or renewed mortgage a positive experience for everyone.
If you’re thinking about buying your first home, looking to renew your current mortgage or are curious if there is a better deal out there for your current mortgage, talk to a licensed mortgage Broker today and find out what they can do for you!
*CAAMP January 2011 study – Canadian Mortgage Channel: Industry Perceptions Consumer and Broker